Purpose

The
Cabinet will be presented with details of the Council’s
revenue and capital budgets for the first 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 £3.844m revenue overspend forecast at Q1 for the
General Fund for the 2024/25 financial year, as set out in sections
2 and 3 of the report;
 
(ii)  Approve a
further drawdown of £8.37m of General Fund reserves and
£3.871m from IAS 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
£0.395m revenue underspend forecast for the Housing Revenue
Account, as set out in section 7 of the report;
 
(v)  Note the
projected £4.137m overspend within the Dedicated Schools
Grant, as set out in Section 8 of the report;
 
(vi)  Note the Q1 Capital
Monitoring forecast of £260.278m 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.