Item 8 - IRED Revenue Monitoring Report Period 3
West Dunbartonshire Council · 14 August 2024
Back to Infrastructure, Regeneration & Economic Development Committee — 14 August 2024 and its agenda
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WEST DUNBARTONSHIRE COUNCIL Report by Chief Officer - Resources Infrastructure, Regeneration & Economic Development Committee: 14 August 2024 ___________________________________________________________________ Subject: Infrastructure, Regeneration & Economic Development Revenue Budgetary Control Report 2024/25 to Period 3 (30 June 2024) 1. Purpose 1.1 This report provides an update on the revenue financial performance to 30 June 2024 of those services under the auspices of the Infrastructure, Regeneration & Economic Development Committee (IRED). 2. Recommendations 2.1 Members are asked to: i) note the contents of this report showing the revenue budget forecast to overspend against budget by £2.376m (17.95%) at the year-end taking into account that this is subject to change. 3. Background Revenue 3.1 At the meeting of West Dunbartonshire Council on 6 March 2024, Members agreed the revenue estimates for 2024/25. A total net budget of £14.722m was approved for IRED services. The budget has been reduced to reflect the decrease in Strathclyde pension fund contributions in the year. This budget has been vired to a central reserve to be used to balance the budget over the next four years as agreed at the Council meeting on 6 March 2024. £m Starting Position 14.722 Superannuation Saving -1.487 Revised Budget 13.235 4. Main Issues Revenue Budget 4.1 The current budgetary position is summarised in Appendix 1. A more detailed analysis by service is given in Appendix 2. ITEM 8
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4.2 Of the 14 services monitored 7 are showing either a favourable or nil variance, with 7 services showing an adverse variance. Comments are shown in Appendix 3 when there are projected net annual variances greater than £0.050m and also where the net variance is below £0.050m but there are offsetting variances of over £0.050m within the service. 4.3 Appendix 1 shows the probable outturn for the services at £15.611m. As the annual budget is £13.235m there is currently a projected adverse variance for the year of £2.376m. 4.4 A working group has been established to review where any anticipated overspends can be reduced and where they may be the option for additional income generation. 4.5 Appendix 4 to the report summarises the current position against the saving options agreed by council as part of setting the 2024/25 budget. 5. People Implications 5.1 There are no people implications. 6. Financial Implications 6.1 Other than the financial position noted above, there are no financial implications of the budgetary control report. Officers are currently reviewing budgets and projections with a view to improving the position by financial year end and progress will be highlighted in future reports to committee. 7. Risk Analysis 7.1 The present variances should be viewed in the knowledge that there are a number of variable factors which could arise between now and 31 March and which could affect the year end results. 8. Equalities Impact Assessment (EIA) 8.1 The report is for noting and therefore no Equalities Impact Assessment was completed for this report. 9 Consultation 9.1 The views of both Finance and Legal services have been requested on this report and both have advised there are neither any issues nor concerns with the proposal. As the report is for noting no further consultation is envisaged. 10. Strategic Assessment 10.1 Proper budgetary control and sound financial practice are cornerstones of good governance and support Council and officers to pursue the five strategic
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priorities of the Council’s Strategic Plan. This report forms part of the financial governance of the Council. This report is for noting and, therefore, does not directly affect any of the strategic priorities. Laurence Slavin Chief Officer – Resources Date: 19 July 2024 Person to Contact: Jackie Thomson - Business Unit Finance Partner, 16 Church Street, Dumbarton, G81 1QL. e-mail jackie.nicol-thomson@ west-dunbarton.gov.uk Appendices: Appendix 1 - Summary Budgetary Position (Revenue) Appendix 2– Detailed Budgetary Position (Revenue) Appendix 3 – Variance Analysis (Revenue) Appendix 4 – Efficiencies & Management Adjustments Background Papers: None Wards Affected: All