Council's underspend will plug this year's gap
A report will go before the council’s executive board next Thursday, detailing the final spend figures related to the financial year 2011/12, and also listing some areas where the spare funds will go.
A drop in parking income caused by delays in bringing in new Sunday and evening charges will be topped up with £64,000.
The costs associated with carrying the Olympic flame through the district – £20,000 – will be covered, as will the extra £13,000 applied to business rates due to the successful Newbury Business Improvement District vote.
A lump sum of £150,000 will also be set aside to cover bad debt as a result of the recession, and £279,000 will shore up a hole left by planning income fees.
The drastically different fortunes suffered by the various council departments are also detailed inside.
The adult social care service overspent by £800,000, although at one point during the year it was haemorrhaging money and had expected to come in £1.7m over budget until a series of brutal cuts were administered.
An underspend of £58,000 was recorded by the environment department, and the children and
young people directorate recorded an underspend of £765,000.
The report praises the council’s finance team for “good financial management” across the board.
”This has been achieved through the effective management of its finances over the past 12 months against a backdrop of continued local and national financial volatility,” it states.