Middlesbrough Council anticipates a small underspend of £6,000 for the financial year, improving from a previous overspend. This reflects better financial management.
Middlesbrough: The council is expecting a slight underspend this financial year. They initially thought they would overspend, but things have improved.
Recent documents show a forecast underspend of £6,000 against a £143 million budget. This is a big change from the £1.382 million overspend reported earlier.
The council aims to limit spending further. This will help reduce the need for government financial support and avoid extra borrowing costs.
If they stick to the budget, they will still rely on £4.7 million from the government to balance things out. A bigger underspend would be better for the council.
The forecast includes some savings that might not happen, but there are also operational underspends that help balance it out.
The council is focused on building financial resilience. They expect a General Fund Balance of £11.1 million by March 2025, which aligns with their financial policy.
They are also working on a balanced budget for 2025/26 without needing extra support from the government.
Another point in the report is about the capital program. The forecast for the year-end outturn is now £65.158 million, down from £107.141 million due to delays in spending.
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