The Cabinet Member with the Resources Portfolio introduced the report of the Group Director of Operations (previously circulated) providing an early 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 first revenue budget management report to Cabinet for 2024/25 and that the latest projections showed an overall decline of £1.376m on the 2024/28 Medium Term Financial Plan, which was due to £2.542m of departmental pressures and a reserves contribution of £0.155m, offset by £1.321m of additional balances following the 2023/24 outturn.
RESOLVED - (a) That the forecast revenue outturn for 2024/25, as detailed in the submitted report, be noted.
(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.