Purpose

The
Cabinet will be presented with details of the Council’s
revenue and capital budgets for the third 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
£1.816m revenue overspend forecast at Q3 for the General Fund
for the 2024/25 financial year, as set out in sections 2 and 3 of
the report;
 
(ii)  Approve the movement
in reserve as set out in Section 6 of the report, including the
recommendation not to proceed with the budgeted drawdown of
£8.81m from the Budget Support Reserve;
 
(iii)  Note the progress on
delivery of savings as set out in section 4 of the report;
 
(iv)  Note the projected
£5.520m revenue underspend forecast for the Housing Revenue
Account, as set out in section 7 of the report;
 
(v)  Note the projected
£5.311m overspend within the Dedicated Schools Grant, as set
out in Section 8 of the report;
 
(vi)  Note the Q3 Capital
Monitoring forecast of £258.698m 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.