Following the projected overspend of £2.864m in the full year 2014/15 based on the First Quarter’s income and expenditure (1 April to 30 June), the revised projected overspend has come down to £0.294m based on Quarter 2 (1 July – 30 September).
The Cabinet meeting on 15 December is being told that this is due to:
- A £2m projected underspend on interest payable due to lower than budgeted capital spend with a resulting lower borrowing requirement
- A £0.700m over-achievement of income on the agency staff contract.
- An additional £2.7m of unringfenced Government Grants.
However with the overall picture includes overspend on:
- placement costs for Looked after Children (due to an extra 31 children than budgeted for, and projected increase of 66 – £2.2m.
- increased staff costs due to vacant posts being filled by more costly agency workers – £0.5m.
- SEN transport – £1.7m
- temporary accommodation costs due to the number of units required has increased from 467 per night in April to 675 in September and with a predicted increase by a net 10% per month- £1.3m.
- care package costs – £2.3m
- increase in the tonnages of waste going to landfill – £400k
- shortfall in Trade Waste income – £370k.
- shortfall pf Pay and Display Income – £874k.
- shortfall in CCTV generated PCN income – £190k.
- loss of Housing Benefit Income due to overpayment of benefits.
There has also been:
- an increase in the number of searches by 58% compared to budget resulting in extra Land Charges income – £500k
- a saving following the deletion of an Executive Director post following the appointment of the permanent Chief Executive – £200k.