Extract from SPF Committee Minutes 25 January 2024

5. CONTINGENCIES
The Clerk presented his report upon Council contingencies within the SPF budget.
Total expenditure at 31 January 2024 was £13,703.85 which exceeded the budget
head of £5,000 and was likely to increase by the year end to up to £20,000, an
overspend of around £15,000. Moreover, the committee budget was likely to be
exceeded by several thousand pounds quite apart from the contingencies and total
overspend on the SPF budget could be up to £18,000.
Notwithstanding, it was likely that the overall Council budget would be underspent
and that this overspend could be accommodated without exceeding the total budget
and without the need to call on reserves.
It was AGREED (unanimously) that:
(i) Managed contingencies be allowed to continue to accrue in the SPF budget
until the year end without the use of support from reserves, provided the total budget
is not exceeded.
(ii) The year-end outturn for SPF Committee shows the actual position with
regard to over/under spend without any virement from an underspent budget of any
other committee.