Purpose

To present Strategy and Resources Committee
with the latest financial outturn report and identify any
additional financial approvals that are required.

Content

The Committee RESOLVED:
 
To note:
1. The council’s General Fund forecast
outturn revenue overspend of £17.5 million at Q3/P8 2024/25
against the council approved budget of £533.7 million.
2. The performance on delivery of savings
(Appendix A1a, Section 4, Tables 4a and 4b).
3. The additional weighted net risk of
£5.0 million per the risks and opportunities register
(Appendix A1a, Section 5, Tables 5a and 5b).
4. The council’s outturn position of
£13.2 million overspend within the Housing Revenue Account to
be transferred to the HRA general reserve at the year end (Appendix A1a, Section 6.4).
5. The council’s outturn position of a
£32.7 million overspend (net £16.1m) in the Dedicated
Schools Grant and that this brings the carry forward deficit to
£91.3 million. Following the application of the DfE’s
24/25 Safety Valve combined with contribution from the General
Fund, a total £53.2 million is forecast to be carried forward
at the year end in the DSG deficit
reserve (Appendix A1a, Section 6.5).
6. The breakeven position on Public Health
services (Appendix A1a, Section 6.6).
7. The breakeven position on the Bristol
Harbour Fund. (Appendix A1a, Section 6.7).
8. The council’s forecast underspend of
£40.8 million against the Capital Programme revised budget
2024/25, comprised of £8.8 million underspend on the General
Fund (including £7.5 million underspend on corporate
contingency and funds) and £32.0 million underspend on the
HRA (Appendix A1b).
9. The finance urgent key decision (no.38) to
accept and spend £0.6 million Community Fund Recovery monies
before 31 March 2025 (Appendix A10).
 
To approve (6 members voting in favour and 3
against):
Revisions to the revised Capital Budget to
incorporate the reprofiling of up to £32.0 million HRA budget
into future years following its forecast underspend at Period
8.