Issue - meetings

To consider a report by Councillor Gwyneth Ellis, Lead Member for Finance, Performance and Strategic Assets (copy enclosed) detailing the latest financial position and progress against the agreed budget strategy.

RESOLVED that Cabinet –

(a)      note the budgets set for 2024/25 and progress against the agreed strategy, and

(b)      approves the set-aside of £3.956m to earmarked reserves, as detailed in paragraph 4.4 of the report.

Councillor Gwyneth Ellis presented the monthly report detailing the latest financial position and progress against the agreed budget strategy.

A summary of the Council’s financial position was provided as follows –

·       the net revenue budget for 2024/25 was £271.021m (£250.793m in 2023/24)

·       an underspend of £4.559m was forecast for service and corporate budgets

·       current risks and assumptions relating to corporate budgets and service areas

·       savings and efficiencies for the 2024/25 budget (£10.384m) and progress in delivering savings approved with ongoing tracking/monitoring

·       an update on Schools, Housing Revenue Account and Treasury Management.

The Head of Finance and Audit guided members through the detail of the report.  There was a forecasted underspend on service and corporate budgets of £4.559m compared to an underspend of £3.924m last month.  The movement of £635k related to release of funds from corporate contingencies and reduced pressures in Adult Social Care offset by increased pressures in Children’s Services, Highways and Environmental Services and Property and Asset Services.  The forecast balance on the Housing Revenue Account at the end of the year would fall from £1.2m to £840k and the position on schools’ balances was a forecast overall deficit of £2.1m compared to £2.5m last month.  The savings tracker had been included in the report detailing an overview of progress.

Cabinet was also asked to approve the set-aside of £3.956m to earmarked reserves as detailed in the report which would bring the overall position down to an underspend of £600k with corporate savings offsetting the overall service overspends.

RESOLVED that Cabinet –

(a)      note the budgets set for 2024/25 and progress against the agreed strategy, and

(b)      approves the set-aside of £3.956m to earmarked reserves, as detailed in paragraph 4.4 of the report.