Surrey Heath Borough Council has published its Financial Monitoring Report for Quarter 2, providing an updated overview of the council’s financial position as of 30 September 2024.
The report plays a key role in ensuring that the council's financial performance is closely monitored throughout the year, allowing timely action where necessary to align spending with strategic objectives.
The report compares the council’s latest financial forecasts with the original budget approved earlier this year, highlighting significant areas of variance, providing an opportunity to address emerging challenges and reallocate resources effectively where needed.
Cllr Leanne MacIntyre, Performance & Finance Portfolio Holder said: "The report outlines the council's targeted efforts to manage and recover overdue debt, ensuring prompt action on outstanding payments.
"It also reviews overall expenditure and assesses the progress of the council's capital programme, highlighting key projects.
Surrey Heath Borough Council Leader Shaun Macdonald commented on the council’s financial monitoring system saying: “With monthly reviews conducted alongside budget managers and formal quarterly reports provided to councillors, this regular oversight helps to maintain control over the council’s finances.
“The report reflects ongoing efforts to maintain fiscal responsibility while navigating emerging financial challenges, providing a clear picture of the year’s financial outlook and ensuring the council remains well-prepared for the months ahead.”
While an overspend is currently forecast, proactive measures are underway to address this. The council remains committed to its transformation efforts and to carefully managing its financial position.
With the finance team and new processes now fully in place, and the accounts up to date, the council has a clearer and more transparent view of the budget across all areas.
Any adjustments made to this year’s budget will help refine the Medium-Term Financial Strategy.