Issue - decisions

Financial Year 2024/25 - Quarter One Revenue Budget Monitoring

 

 

17/09/2024 - Financial Year 2024/25 - Quarter One Revenue Budget Monitoring

Cabinet approved 

 

  1. The transfer of £2.237m to a new High Needs Sustainability Activity reserve. 

 

Cabinet noted 

 

  1. the current revenue budget is forecast to overspend by £8.284m by the end of the financial year. 
  1. the current forecast savings delivery performance for the year. 
  1. the forecast overspend on the HRA of £1.042m and the impact on the HRA reserve. 
  1. The forecast overspend against Dedicated Schools Grant (DSG) budgets of £9.893m and the impact on the cumulative DSG deficit. 
  1. The transfer from earmarked reserves; 

                     i.        £0.079m from the Adults Programmes reserve to fund temporary roles and LD budget pressures. 

                   ii.         £0.018m from the leisure reserve to fund virtual studios 

                  iii.        £0.026m from leisure reserve to fund pool pods 

                  iv.        £0.007m for Enforcement Activity from the Business Plan Priority reserve 

                   v.         £0.051m drawdown to fund flexible pastoral support for care experienced young people in Families and Children’s 

                  vi.        £0.086m drawdown from the Supporting Families reserve to fund planned Families and Children expenditure 

                vii.         £1.328m drawdown to fund flexible pastoral support in schools in Education & Skills 

               viii.        £0.123m drawdown from the School Improvement reserve to offset savings in Education and Skills 

                  ix.        £0.231m drawdown from the Health & Safety reserve to fund investment in personal safety and other Health and Safety requirements in Assets 

                   x.         £0.204m from the iBCF reserve to fund schemes in 2024/25 in line with the approved plan

 

Reasons for Proposals

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 one (30 June 2024), including delivery of approved savings for the year.