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APPENDIX 1 – FIRST QUARTER BUDGET MONITORING
 

 

 


Contents

 

Part A: First Quarter Revenue Budget 2023/24

    

A1)    Revenue Budget   

A2)    Significant Variances                                           

                                                                 

Part B: First Quarter Capital Budget 2023/24     

B1)    Capital Budget  

B2)    Significant Variances                                                          

 

 

 

 

 

                                                  

Part A - First Quarter Revenue Budget 2023/24A1)  Revenue Budget: Communities, Leisure & Arts (CLA) PAC

A2.1  The table below provides a detailed summary of the budgeted net expenditure position for the services reporting directly into CLA PAC at the end of Quarter 1. The financial figures are presented on an accruals basis (i.e. expenditure for goods and services received, but not yet paid for, is included).

A2.2  This table now shows the variance split between expenditure and income to give more of an insight into the nature of the variance.

 

 

CLA Revenue Budget: NET EXPENDITURE (@ 1st Quarter 2023/24)

These budget areas are all covered by the Cabinet Member for Communities, Leisure & Arts.

 

A2)  CLA Revenue Budget: Significant Variances

A2.1  Within the headline figures, there are a number of both adverse and favourable net expenditure variances for individual cost centres. It is important that the implications of variances are considered at an early stage, so that contingency plans can be put in place and, if necessary, be used to inform future financial planning.  Variances will be reported to each of the Policy Advisory Committees on a quarterly basis throughout 2023/24.

A2.2  The table below highlights and provides further detail on the most significant variances at the end of Quarter 1.

CLA PAC Variances (@ 1st Quarter 2023/24)

 

Positive Variance

Q4

Adverse

Variance

Q4

Year End Forecast Variance

 

Communities, Leisure & Arts

£000

Lockmeadow Complex – There have been additional service charge costs for Love Food relating to 2022/23.  Service charge costs continue to exceed budgeted levels, leading to a projected overspend for the year.

 

-34

-60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part B - First Quarter Capital Budget 2023/24B1)  Capital Budget 2023/24 (@ 1st Quarter 2023/24)

 

B2)  Capital Budget Variances (@ 1st Quarter 2023/24)

 

Communities, Leisure & Arts

Mote Park Lake Dam Works – This project is now substantially complete with just the final payment due to the contractor and has come in under budget.

 

Leisure Provision – Discussions are ongoing with the current operator regarding this budget, and at present it is anticipated that there will be some initial spend on improvements at the centre in the final quarter of the year. There will be a further update on the this in the 2nd quarter report.

Riverside Walk Works – The plans for this project are currently in development, and whilst it is hoped that it can be completed within the current financial year there is some uncertainty over the timing of the works, so it could slip into 2024/25. There will be a further update on the this in the 2nd quarter report.