Decision details

The Cabinet Member with the Resources Portfolio introduced the report (previously circulated) of the Executive Director of Resources and Governance providing a forecast of the 2024/25 revenue budget outturn as part of the Council’s continuous financial management process.

The submitted report stated that it was the third revenue budget management report to Cabinet for 2024/25 and that the latest projections showed an overall decline of £0.885m on the 2024/28 Medium Term Financial Plan, which was due to £1.982m of departmental pressures and a decline in corporate resources of £0.224m, offset by £1.321m of additional balances following the 2023/24 outturn.  The change in the forecast year end budget position had improved by £0.479m between Quarter 2 and Quarter 3, however, a small number of service areas continued to have significant budget pressures that had increased during the year.

Particular reference was made at the meeting to the overspend in the Children’s Services budget.  The Cabinet Member with the Children and Young People Portfolio responded thereon.

RESOLVED - (a)  That the forecast revenue outturn for 2024/25, as detailed in the submitted report, be noted.

(b)  That the carry forward of resources, as detailed in paragraphs 14, be noted and approved.

(b)  That further regular reports be made to monitor progress and take prompt action if necessary.

REASONS - (a)  To continue effective management of resources.

(b)  To continue to deliver services to agreed levels.