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APPENDIX 1 – SECOND QUARTER BUDGET MONITORING
 

 

 


Contents

 

Part A: Second Quarter Revenue Budget 2023/24

    

A1)    Revenue Budget   

A2)    Significant Variances                                           

                                                                 

Part B: Second Quarter Capital Budget 2023/24     

B1)    Capital Budget  

B2)    Significant Variances                                                          

 

 

 

 

 

                                                  

Part A - Second 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 2. 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 (@ 2nd 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 2.

CLA PAC Variances (@ 2nd Quarter 2023/24)

 

Positive Variance

Q2

Adverse

Variance

Q2

Year End Forecast Variance

 

Communities, Leisure & Arts

£000

Leisure Centre – Under the terms of the current contract with the operator the Council is responsible for excess utility costs, and with utility prices continuing to be at a high level this is reflected in this overspend.

 

-47

-80

Lockmeadow Complex – A number of units at the complex have fallen vacant during the period, leading to a shortfall against budget.  However, progress has been made in identifying new tenants.  The former David Lloyd unit now operates as the Lockmeadow Health Club, under the same management as the council’s leisure centre.  A tenant offering virtual reality experiences has moved into another unit.  Head of terms have been agreed with a prospective tenant at the former Frankie & Benny’s.  Note that the business case for the Lockmeadow acquisition anticipated that at the end of existing leases there would be a period during which these units would be non-income producing.

 

 

-290

-400

 

 

 

 

 

 

 

 

 

 

 

 

Part B - Second Quarter Capital Budget 2023/24B1)  Capital Budget 2023/24 (@ 2nd Quarter 2023/24)

 

B2)  Capital Budget Variances (@ 2nd Quarter 2023/24)

 

Communities, Leisure & Arts

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 3rd quarter report.

Riverside Walk Works – This project has now been subsumed into the overall plans for Town Centre improvement works, arising out of the emerging Town Centre Strategy.  The budget will therefore be carried forward to 2024/25.