Mid Sussex District Council finished the 2023/24 financial year with an overspend of £197,000 on the services it provides.
The figure was far better than had been anticipated – it stood at £723,000 at the end of December.
The information was shared during a meeting of the cabinet on Monday (July 29).
Only three members of the cabinet attended – Alison Bennett stepped down after being elected MP for the district, and Chris Hobbs was on holiday.
As well as the overspend on services, there was a £495,000 overspend on centrally held budgets due to the cost of pension strain payments to the Pension Fund.
But there was a bright side.
With more than £4m of treasury income in the coffers, members recommended that £1.915m be transferred to the general reserve.
Ian Gibson, cabinet member for sustainable economy & housing, said it was ‘very helpful’ to be able to do so and ‘move towards a position that is much more comfortable’.
The general reserve is used to manage in-year risks and provide a cushion for
unexpected events.
It is reviewed annually with a recommendation to keep it between £11.5m and £17.2m.
It currently stands at £11.813m.
Leader Robert Eggleston said the council needed to keep an eye on the reserve, given that it was at the lower end of the scale.
He added: “We need to be mindful of how we manage that position so that we’re comfortable that we have a sustainable future for the authority – and conscious that we’ve possibly got some significant decisions to make over the next 12 months.”
Looking at the capital programme from 2024/25 onwards, Mr Eggleston said he was pleased to see that the £8.3m Centre for Outdoor Sport, in Burgess Hill, was fully funded, with the first phase to be completed this year.
He was also pleased to see £57,000 in the programme for drainage work at Burgess Hill Rugby Club, and a total of £2.63m for improvements at Hemsleys Meadow, Mount Noddy, and Victoria Park.
Mr Eggleston said: “Overall, in a difficult environment, we are managing our finances well.
“Treasury management is, of course, helping us. The £4m we collected in the last financial year is helpful and I would imagine it’s going to be in that region during the current financial year, which will help with the planning for the budget as we go forward.”
