Yahoo News Council’s draft forecast overspend confirmed
WARRINGTON Borough Council’s draft forecast overspend for 2023-24 totals more than £5.9 million.
A budget monitoring report for quarter four of 2023-24 will come before the council’s cabinet at its meeting on Monday.
The purpose of it is to update members on the forecast financial position for the 2023-24 financial year, as at the end of March 2024.
The report also highlights the outcome on delivering the 2023-24 medium-term financial plan (MTFP) savings targets.
The draft ‘headline’ forecast outturn for 2023-24 is an overspend of £5.917 million, after ‘agreed appropriations and transfers from reserves’.
In the report, it says: “The report provides the most up-to-date outturn position for the council for 2023-24 and remains subject to change upon review by the external auditor as part of the external audit examination of the 2023-24 financial statements.
“This report is a provisional outturn. After appropriations and agreed use of reserves, the outturn position for the financial year 2023-24 is an overspend of £5.917m.
“The 2023-24 draft statement of accounts was signed by the director of corporate services on the 31 May 2024 and made available for external audit examination.
“Currently, the external auditor, have not completed their examination of the 2018-19, 2019-20, 2020-21, 2021-22, 2022-23 draft accounts. Final agreement and signing off by members of the 2023-24 draft accounts cannot take place until the earlier accounts have been finalised. Any material change to the outturn position will be reported to members.
“It is important for members to have a detailed view of the current budget position and pressures to enable members to play a full part in the decision-making process and the implications that it brings, to ensure that the council continues to deliver a balanced budget.”
The cabinet is recommended to note the draft outturn ‘after use of reserves and appropriations’ of an £5.917 million overspend, as at quarter four – and to note the outcome on the delivery of MTFP savings targets, as at quarter four.
