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Bracknell Forest Council reports £1.25m budget overspend
A local authority reported a budget overspend of £1.25 million last year.
In February 2023, Bracknell Forest Council (BFC) approved a budget of around £89 million for the 2023/24 financial year.
Any excess spending was taken from the authority’s general reserves — which are funds held without any specific purpose.
The council attributed the unexpected spending to “increasing demand-driven pressures” and the “continued impact of high inflation.”
A financial report, which was produced ahead of a council meeting on Tuesday, said: “The council continues to face ongoing financial pressures and uncertainty due to the delay in the introduction of a new funding system by central government.”
He said spending on adult education, learning and social care was particularly high.
Staffing to meet special educational needs and spending on school transportation also exceeded budget.
Last year the authority warned it would spend £4m more than its budget, prompting them to cut costs until the forecast figure was between £1.25m and £2m.
The final overspend was a “significant improvement” over previous forecasts, the report stressed.
It is the first time the council has reported overspending since it was established as a unitary authority in 1998.
The report also highlighted that its financial situation was “mirrored by neighbouring authorities in Berkshire, all of which are reporting excessive spending”.