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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
A1) Revenue
Budget: Planning, Infrastructure & Economic Development (PIED) PAC
A2.1 The table below provides a detailed summary of the budgeted net expenditure position for the services reporting directly into PIED 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.
PIED Revenue Budget: NET EXPENDITURE (@ 2nd Quarter 2023/24)
By Cabinet Member
A2) PIED 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.
PIED PAC Variances (@ 2nd Quarter 2023/24)
|
|
Positive Variance Q2 |
Adverse Variance Q2 |
Year End Forecast Variance
|
|
Planning, Infrastructure & Economic Development |
£000 |
||
|
PLANNING & ECONOMIC DEVELOPMENT |
|
|
|
|
Development Control Advice – Income from Planning Performance Agreements is significantly down this year as developers are waiting for the new Local Plan to be adopted before progressing with further applications. |
|
-65 |
-75 |
|
Development Control Majors – Income from major applications is significantly down this year, as with the Planning Performance Agreements developers are waiting for the new Local Plan to be adopted before progressing with further applications. |
|
-215 |
-150 |
|
Innovation Centre – Running costs are currently overspent due to Non-Domestic rates bills that are due on the vacant office space. That vacant space is also reflected in the shortfall in income budgets. The adverse variance will be covered by income from Enterprise Zone rates. |
|
-85 |
0 |
|
Business Terrace 1st Floor Maidstone House – Service charge costs are significantly higher than forecast, and there are also two units vacant meaning there is a shortfall in income. |
|
-53 |
-100 |
|
|
Positive Variance Q2 |
Adverse Variance Q2 |
Year End Forecast Variance
|
|
Planning, Infrastructure & Economic Development |
£000 |
||
|
PARKING SERVICES |
|
|
|
|
On Street Parking – This variance is a mixture of reduced running costs and increased income. Penalty Charge Notice income is £19,000 up on the profiled budget, On Street Pay & Display income is slightly down. |
41 |
|
52 |
|
Sandling Road Car Park – Running costs are currently underspent and income is in excess of budget. This is forecast to continue for the remainder of the year. |
27 |
|
56 |
|
Former Park & Ride Sites – These are budgets that were used to fund the Business Rates and running costs for the site. They are no longer required and will be removed for 2024/25. |
93 |
|
100 |
 |
B1) Capital Budget 2023/24 (@ 2nd Quarter 2023/24)
B2) Capital Budget Variances (@ 2nd Quarter 2023/24)
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Planning, Infrastructure & Economic Development |
|
Town Centre Strategy – The current strategy is being reviewed and updated and is unlikely to be adopted until early 2024, so it is anticipated that there will be some spend in the final quarter of the year.
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