Wiltshire Council predicting underspend for 23/24 year
Councils across the UK have faced massive financial pressures
Wiltshire Council say they’re predicting an underspend for the 2023/24 financial year as they continue to carefully manage their budgets.
The unpredictability of the national economy has put pressure on councils across the country, with some even going bankrupt.
After publishing it’s second quarter revenues, Cabinet Member for Finance, Cllr Nick Botterill said: “We are running in effect what is an in-year balanced position.
“This is due to our continued investment in preventative and early help services, our financial planning approach, focus on cost control, overall efficiency and savings delivery.
“We’re in control of our finances and able to deliver services in a financially resilient way; in effect doing more with each pound we spend.”
Long term approach paying divideds
The conclusion of the second quarter forecasts a small underspend for the year, of around £400,000, after the first quarter projected an overspend of £300k.
Cllr Botterill says the council are taking a long-term approach to their budget, aiming for prevention rather than short term fixes.
“It does not mean we do not face challenges and financial risks. We face significant pressures, as other councils do, particularly due to high and unpredictable inflation and rising service demand.
“However, we’ll continue to ensure the money we spend is adding value and supporting our communities as much as possible, which, during a period of national financial uncertainty and a cost-of-living crisis, is essential. We are determined not to spend any more of taxpayers’ money than is absolutely necessary.”
Risks could undermine strong position
It’s a good position for the council to be in and it reflects the financial planning put in place.
But there are a number of risks that mean the financial position of the council needs to continue being carefully monitored.
This includes sustained higher inflation than was budgeted for, increased demand and higher package costs in the council’s people services, SEND (Special Educational Needs and Disabilities) transport and less income received so far across some of the council’s place services, such as parking and planning.
The council identified savings of £26m during 2023/24, with more than £7m already achieved and on target to save a further £17m.
Having taken a long-term strategic approach, which included effectively setting the next three years budgets earlier this year, the council is in a strong position to respond effectively to unexpected issues.