Purpose

For information

Content

The report set out the Revenue
and Capital outturn position for Buckinghamshire Council for the
financial year 2023/24. The Council had experienced significant
financial pressures due to increases in demand, complexity of need
and market insufficiency in key services, primarily in;
 
a) Children’s Social Care
(£7.2m adverse variance) due to a reduction in foster
placements and national placement sufficiency issues;
b) Home to School Transport
(£3.9m) due to increased SEN and PRU transport
requirements;
c) Adults Social Care
(£3.6m adverse variance) due to growth in client number,
increased cost of packages in Residential and Nursing care and
supported living;
d) Temporary Accommodation
(£1.3m adverse pressure) due to increased demand and
above-inflation price increases, throughout the year.
 
These services had seen cost
and demand increase significantly in excess of the budgeted
position, which reflected national and economic issues rather than
local variation. This had resulted in an adverse outturn position
of £12.8m (3%) in Portfolio budgets (£13.6m last
quarter). During the financial year mitigating actions had been
taken, through Cabinet member action plans, and enhanced
expenditure and vacancy controls. As a result, the Council had
managed to achieve a balanced revenue position overall, due to
favourable variances in Corporate & Funding, use of £2.8m
from contingency and effective processes for managing financial
risks. This is an improvement in the position of £4.5m from
the Quarter 3 reported position and a further £4.1m
improvement from the Quarter 2 reported position of
£8.6m.
 
As a result of the strong
financial management actions, it was recommended that the balance
on corporate contingencies be contributed to reserves to support
member priorities and manage risks. The outturn position for the
Dedicated Schools Budgets was an overspend of £4.3m
(£1.8m last quarter), resulting in an overall deficit reserve
of negative £6.5m.
 
The year end position on
capital was spend of £115.4m, £7.5m less than the total
budget of £122.9m, equating to 94% delivery (83% in last
financial year). Capital projects which were successfully completed
this year include the £2.5m Conversion of the Old Wycombe
Library, the £0.4m Haydon Hill Cycle Way and £1.4m on
a large number of sports and leisure
projects. In addition, £17.4m had been spent on the
schools’ programme and over £42m has been spent on
capital improvements to the strategic highways network. The
variance of £7.5m consisted of accelerated spend ahead of
profile of £10.9m, slippage to be re-programmed into future
years of (£17.2m), overspends of £1.4m, and underspends
of (£2.6m).
 
RESOLVED
 

That the report
and success in achieving an overall balanced revenue outturn
position for 2023-24 be noted. 

That the transfers
to reserves as set out in paragraph 2.6 of the Cabinet report be
approved. 

That the overall
capital outturn position of £115.4m of investment in the
Council’s priorities be noted. 

That the carry
forward of capital budgets be approved, as detailed in Section 4 of
the Cabinet report.