Decision details

Financial Year 2024/25 - Quarter Two Revenue Budget Monitoring

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

Quarterly Revenue Budget
Monitoring report for
financial year 2024/25

Decision:

Resolved:

 

Cabinet approves:

 

a)    A new reserve for £0.680m is requested to facilitate early support and adviser activity for schools and families in future years.

 

Cabinet notes:

 

b)    the current revenue budget is forecast to overspend by £0.861m by the end of the financial year.

 

c)    the current forecast savings delivery performance for the year.

 

d)    the forecast overspend on the HRA of £1.042m and the impact on the HRA reserve.

 

e)    The forecast overspend against Dedicated Schools Grant (DSG) budgets of £14.942m and the impact on the cumulative DSG deficit.

 

f)     The transfer from earmarked reserves;

 

i.               £0.121m from the Leisure reserve to fund Virtual Studios

 

ii.             £0.075m from Libraries reserve to fund Library pods and new windows

 

iii.            £0.050m for Q2 Enforcement Activity from the Business Plan Priority reserve

 

iv.            The use of £0.300m of earmarked reserves to enable Adults and Children’s Services to undertake a feasibility study of potential sites for accommodation

 

Reason for Decision:

 

To inform effective decision making and ensure sound financial management as part of the Councils overall control environment. To inform Cabinet on the forecast revenue financial position of the Council for the financial year 2024/25 as at quarter two (30 September 2024), including delivery of approved savings for the year

 

Other reasons / organisations consulted

Internal

Contact: Lizzie Watkin, Interim Corporate Director - Resources (s.151 Officer) Email: lizzie.watkin@wiltshire.gov.uk Tel: 01225 713056.

Report author: Cabinet Report Management Group

Publication date: 19/11/2024

Date of decision: 19/11/2024

Decided at meeting: 19/11/2024 - Cabinet

Effective from: 27/11/2024

Accompanying Documents: