7 FINAL ACCOUNTS 2023/24: REVENUE OUT-TURN PDF 856 KB
Cyflwynwyd gan: Cllr. Paul Rowlinson
Additional documents:
Decision:
The report
was accepted and the final financial position of the Council’s departments for
2023/24 was considered:
|
Column
A |
Column
B Column C |
Column D |
|
|
Gross Under / (Over) Spend 2023/24 |
Recommended
Adjustments |
Amended Over /
Under Spend 2023/24 |
|
|
£ '000 |
£'000
|
£'000 |
£
'000 |
Adults, Health, and Well-being |
3,906 |
(3,806) |
0 |
100 |
Children and Families |
2,611 |
(2,511) |
0 |
100 |
Education
|
0 |
0 |
0 |
0 |
Economy and Community |
308 |
0 |
(308) |
0 |
Highways, Engineering and YGC |
687 |
(587) |
0 |
100 |
Environment |
1,237 |
(1,137) |
0 |
100 |
Housing and Property |
255 |
(155) |
0 |
100 |
Corporate Management Team and Legal |
(11) |
0 |
0 |
(11) |
Corporate Support |
(10) |
0 |
0 |
(10) |
Finance
|
(7) |
0 |
0 |
(7) |
It was noted that there was significant overspend
in the Adults, Health and Well-being Department, the Children and Families
Department, the Highways, Engineering and YGC Department, the Environment
Department and the Housing and Property Department this year (See column A in
the table above). To approve the following financial virements (as outlined in
Appendix 2):
The departments that are over-spending to
receive one-off partial financial assistance to limit the overspend that will
be carried forward by the Department to £100k (see column B in the table
above).
It was confirmed to provide financial support
of £308k above the contracted payment to Byw'n Iach (see column C in the table
above).
On Corporate budgets:
- Use the remaining balance in the
Covid Fund of £4,402k to assist the departments that have overspent in 2023/24.
- Use (£2,091k) of the corporate net
underspend to assist the departments that have overspent in 2023/24.
- The remainder of the net underspend of
(£495k) on corporate budgets to be transferred to the Financial Strategy
Support Fund.
The amounts to be carried forward were approved
(the “Revised Over/(Under) Spend” in column D above and in Appendix 1.
The financial virements from the specific reserves
were approved as outlined in Appendix 3 following a review of the reserves:
- Harvesting (£1,703k) from reserves
to be used in its entirety to assist the departments that have overspent in
2023/24.
- To use £2,975k to fund one-off bids
in 2024/25 following the removal of £1,113k from the Transformation Fund and
transfer £1,862k from the Financial Strategy Support Fund.
Minutes:
The
report was submitted by Cllr. Paul Rowlinson
DECISION
The report was accepted and the final
financial position of the Council’s departments for 2023/24 was considered:
|
Column A |
Column
B Column C |
Column D |
|
|
Gross Under /
(Over) Spend
2023/24 |
Recommended Adjustments |
Amended
Over / Under Spend 2023/24 |
|
|
£ '000 |
£'000
|
£'000 |
£
'000 |
Adults, Health and Well-being |
3,906 |
(3,806) |
0 |
100 |
Children and Families |
2,611 |
(2,511) |
0 |
100 |
Education |
0 |
0 |
0 |
0 |
Economy and Community |
308 |
0 |
(308) |
0 |
Highways, Engineering and
YGC |
687 |
(587) |
0 |
100 |
Environment |
1,237 |
(1,137) |
0 |
100 |
Housing and Property |
255 |
(155) |
0 |
100 |
Corporate Management Team
and Legal |
(11) |
0 |
0 |
(11) |
Corporate Support |
(10) |
0 |
0 |
(10) |
Finance |
(7) |
0 |
0 |
(7) |
It was noted that there was significant overspend
in the Adults, Health and Well-being Department, the Children and Families
Department, the Highways, Engineering and YGC Department, the Environment
Department and the Housing and Property Department this year (See column A in
the table above). To approve the following financial virements (as outlined in
Appendix 2):
The departments that are over-spending to
receive one-off financial assistance and to limit the overspend that will be
carried forward by the Department to £100k (See column B in the above table).
It was confirmed that financial support of
£308k would be provided above the contracted payment to Byw'n
Iach (see column C in the above table).
On Corporate budgets:
- Use the remaining balance in the Covid Fund
of £4,402k to assist the departments that have overspent in 2023/24.
- Use (£2,091k) of the corporate net underspend
to assist the departments that have overspent in 2023/24.
- The remainder of the net underspend of
(£495k) on corporate budgets to be transferred to the Financial Strategy
Support Fund.
The amounts to be carried forward were
approved (the “Revised Over/(Under) Spend” in column D above and in Appendix 1.
The financial virements from the specific reserves
were approved as outlined in Appendix 3 following a review of the reserves:
- Harvesting (£1,703k) from reserves to be used
in its entirety to assist the departments that have overspent in 2023/24.
- To use £2,975k to fund one-off bids in
2024/25 following the release of £1,113k from the Transformation Fund and
transfer of £1,862k from the Financial Strategy Support Fund.
DISCUSSION
The
report was submitted and it was noted that there was
an overspend of around £9 million amongst Council departments within the
2023-24 financial year. An update on the position of each department was
provided by drawing attention to the main matters and fields where there were
significant variances such as:
· Adults, Health and Well-being Department - It was noted that the November 2023 forecasts suggested that there would be £5.4 million overspend within the Department. It was confirmed that the Department's actual overspend at the end of the financial year was £3.9 million following receiving additional grants and income. It was elaborated that £1.8 million of the overspend was due to the increasing pressure and ... view the full minutes text for item 7
Awdur: Ffion Madog Evans: Assistant Head of Finance Department - Accountancy and Pensions