Purpose

The
Cabinet will be asked to consider the projected position of the
Council’s revenue budgets for 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

The
Cabinet will be asked to consider the projected position of the
Council’s revenue budgets for 2024/25 and, if necessary,
consider proposals for in-year adjustments aimed at achieving an
accurate and balanced budget position at the year end.

Cabinet resolved to:
 
(i)  Note the projected
break-even revenue forecast at Period 2 for the General Fund for
the 2024/25 financial year, as set out in sections 2 and 3 and
Appendix A of the report;
 
(ii)  Approve the net
projected year-end drawdown of £11.95m reserves to support
the in-year position;
 
(iii)  Note the projected
£0.374m revenue underspend forecast for the Housing Revenue
Account, as set out in section 6 and Appendix A of the report;
 
(iv)  Note the projected returns
for the Investment and Acquisition Strategy as set out in section 4
and Appendix A of the report;
 
(v)  Note the movement in
Reserve drawdown as indicated in section 5 of the report and that
the Cabinet shall be asked to approve the drawdown of reserves to
support any overspends at final outturn (post March 2024), subject
to finalisation of the actual spend against budget; and
 
(vi)  Note the period 2 Capital
Monitoring update as set out in section 7 and Appendix A of the
report.