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  • Decision details

    Financial Position Update

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    • Printed decision PDF 116 KB

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    Decision Maker: Cabinet

    Decision status: Recommendations Approved

    Is Key decision?: No

    Is subject to call in?: Yes

    Purpose:

    An update on the Council's financial position for 2024/25.

    Decision:

    (i)  Agree the £6.13M adjustments to be made to directorate budgets to reflect sustained favourable variances reported in the first four months of 2024/25 due to transformation and other measures, to be transferred to centrally held contingency to reduce the reliance on Exceptional Financial Support (EFS), as set out in paragraph 6.

    (ii)  Within the £6.13M, recommend Council approve the budget adjustment for the sustained favourable variance of £3.75M for Community Wellbeing to be transferred to centrally held contingency, as this element requires Council approval.

    (iii)  Agree the progress being made to deliver on the Deficit Recovery Plans that have been developed to mitigate forecast overspends in a number of specified budget areas, as set out in paragraph 7.

    (iv)  Recommend Council approve the virement of £20M income and expenditure within the Schools Budget to recognise increased funding, as set out in paragraph 22.

     

     

    Reasons for the decision:

    To ensure that Cabinet fulfils its responsibilities for the overall financial management of the council’s resources.

    Alternative options considered:

    None.

    Report author: Madeleine Modha

    Publication date: 27/08/2024

    Date of decision: 27/08/2024

    Decided at meeting: 27/08/2024 - Cabinet

    Effective from: 05/09/2024

    Accompanying Documents:

    • RPT - Financial Position Update pdf icon PDF 378 KB
    • Appendix 1 - Financial Position Update Report Month 4 pdf icon PDF 2 MB
    • Appendix 2 - Financial Position Update Report Month 3 pdf icon PDF 2 MB
    • Appendix 3 - Treasury Management as at end of June 2024 pdf icon PDF 753 KB
    • Appendix 4 - Prudential Indicators as at end of June 2024 pdf icon PDF 303 KB
    • MRD1 - GF Revenue Forecast as at the end of June 2024 pdf icon PDF 279 KB
    • MRD2 - Details of savings delivery as at the end of June 2024 pdf icon PDF 211 KB
    • MRD3 - Key Financial Risks as at the end of June 2024 pdf icon PDF 433 KB
    • MRD4 - Performance Indicators as at the end of June 2024 pdf icon PDF 206 KB
    • MRD5 - Collection Fund Forecast as at the end of June 2024 pdf icon PDF 12 KB

     

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