Purpose

The
Cabinet will be presented with details of the Council’s
revenue and capital budgets for the second quarter period of
2024/25 and, if necessary, consider proposals for in-year
adjustments aimed at achieving an accurate and balanced budget
position at the year end.

Content

Cabinet resolved to:
 
(i)  Note the projected
£17.210m revenue overspend forecast at Q2 for the General
Fund for the 2024/25 financial year, as set out in sections 2 and 3
of the report;
 
(ii)  Note the movement in
reserve as set out in Section 6 of the report;
 
(iii)  Note the progress on
delivery of savings as set out in section 4 of the report;
 
(iv)  Note the projected
£3.881m revenue underspend forecast for the Housing Revenue
Account, as set out in section 7 of the report;
 
(v)  Note the projected
£4.025m overspend within the Dedicated Schools Grant, as set
out in Section 8 of the report;
 
(vi)  Note the Q2 Capital
Monitoring forecast of £263.398m as set out in Section 9 of
the report; and
 
(vii)  Approve the reprofiling of the
Capital budget as set out in Section 9 of the report.