Detailed information about the budget can be found on our budget page.
Revenue budget monitoring
The monthly monitoring returns are set out in detail in each directorate’s quarterly service report. The information provided for the quarter 3 financial position is based on data presented to the Corporate Management Team in January 2024.
The returns provided by all directorates include a forecast variance plus any emerging issues. Across the council, variances have been identified indicating expenditure above the approved budget (£0.386 million), after taking into account the balance on the corporate contingency (£2.662 million). Once emerging issues are included, the overspend decreases to £0.254 million.
This is a significant improvement on the position reported last quarter and includes the impact of the 2023 to 2024 pay award. There are still, however, material risks that have been identified but not yet quantified that are likely to worsen the position in quarter 4, so the spending controls introduced by the Corporate Management Team will continue until the end of the year.