Runner Up - Newtown Local Business of the Year 2024 (Third Sector)

NEWS POLITICS

Council achieves surplus for last financial year

A surplus of just over £2.3 million was reported by Powys County Council on the budget for last year.

2 weeks ago   2 minutes read   940 views

The image for Council achieves surplus for last financial year
 
Share       

By Elgan Hearn
Local Democracy Reporter


A surplus of just over £2.3 million was reported by Powys County Council on the budget for last year.

This figure will fall to £1.793 million when money is taken away from the total to be squirrelled away in council reserve accounts.


  Other Trending Stories

The details of the surplus for 2023/2024 will be given in a report to councillors at a meeting of the Finance Panel on Monday, July 8.

The 2023/2024 budget out turn as it stood at the end of the financial year on March 31 shows that the financial position during the last quarter of the year from January to March deteriorated with the position being just over £1 million worse than had been predicted at the end of December.

At that stage, the council was predicting a £3.338 million surplus against the council’s base budget of £326.621 million for 2023/2024.

During the course of the financial year the budget has fluctuated with a £3.73 million surplus predicted at the end of June last year – which fell to £2.85 million at the end of last September.

The report said: “This year again saw the council managing its budget in an extremely challenging economic environment.

“High inflation and pay awards have continued to impact costs across all services, although on the whole this has been managed well through mitigating action and the utilisation of the risk budget.”

The report also shows that the council services found cuts, savings, and efficiencies worth £15.373 million of an original target of £16.5 million for the year.

A further £900,000 from the 2022/2023 savings target has been rolled over to this year making the total savings/cuts target £17.4 million for 2023/2024.

Despite the surplus, director of corporate service and s151 officer Jane Thomas will still advocate that the council continues a cautious and prudent approach, with a predicted funding gap of £50 million still needing to be plugged over the next four years.

Ms Thomas said:  “The revenue out turn reported provides some opportunity to further mitigate the ongoing budget pressures through the next financial year.

“However, the council faces significant challenge as we develop our plans for future years.

“The financial plans will be subject to ongoing review, funding assumptions will be revisited as more information becomes available, revised budget gaps calculated and clear plans of how we can bridge the gaps will be developed.

“We must continue to take every opportunity to reduce costs and ensure the financial sustainability of the council.”

Comments from the Finance Panel are expected to be added to the report which will go on to a meeting of the Cabinet at the end of the month.

You've viewed 1 stories so far!

All About Newtown is an independent not-for-profit online news and information service for the town of Newtown in Mid Wales. We provide ad-free content, so rely on reader subscriptions and donations to run.

  Donate via PayPal

Related or similar stories based on this one

Council predicts £3m surplus for this year

4 months ago

Rising employee costs chipping away at surplus

8 months ago

Health board overspends by nearly £7m

9 months ago

Business of the Week
Simply Baby

Gas Street

Follow us

Connect with us on Facebook, X (formerly Twitter), Instagram and Google News

     

Trending
Property for sale in Dolfor Road, Newtown

2 days ago

Bypass route to town closed next week

2 days ago

Opinion: it's all change in our area

22 hours ago

Donate to us

We're a not-for-profit community interest company and have no corporate owners. We'd appreciate anything you can give to keep us providing free content.

  Donate via PayPal
Upcoming Events
Hearing Clinic

23/07/24 10:00am

Bugs and Birds

23/07/24 01:00pm

Clwb DJ Club

23/07/24 06:00pm

Latest Stories
The latest from this week's parkruns (W29 24)

7 hours ago

See what's on next week in our area (W30 24)

16 hours ago

Opinion: it's all change in our area

22 hours ago