Decision

The Committee RESOLVED:

To note:

1. The council’s General Fund forecast outturn revenue overspend of £12.5 million against the council approved budget at Q1/P2 2024/25.
2. The Q1/P2 2024/25 technical virements (Appendix A1a, Tables 3a-3d).
3. The performance on delivery of savings (Appendix A1a, section 4, Table 4a-4b).
4. The additional weighted net risk of £16.6m per the risks and opportunities register (Appendix A1a, section 5, Table 5a-5b)
5. The council’s outturn position of £3.6 million overspend within the Housing Revenue Account to be transferred to the HRA general reserve (Appendix A1a, section 6.4)
6. The council’s outturn position of a net £24.1 million overspend in the Dedicated Schools Grant and, following the application of the DfE’s 24/25 Safety Valve combined with contribution from the General Fund (totalling £15.9m), that a total £45.4 million is to be carried forward in the DSG deficit reserve (Appendix A1a, section 6.5).
7. The breakeven position on Public Health services (Appendix A1a, section 6.6).
8. The council’s forecast underspend of £149.6 million against the Capital Programme revised budget 2024/25, comprised of £15.0 million underspend on the General Fund and £134.6 milllion underspend on the HRA. (Appendix A1b, appendix A9 and appendix 19).
9. The planned flexible use of £12.0 million capital receipts in support funding of the Transformation Programme. (Appendix A1b).
10. The planned use of £2.4 million Strategic Community Infrastructure Levy (SCIL) to support the expansion of South Bristol Cemetery. (Appendix A1b).
11. The in-year collection levels for Council Tax and Business Rates as set out in the report (Appendix A1a, section 7).
12. The level of aged debt as at 31 May 2024 (Appendix A1a, section 7).
13. The 1 April 2024 opening balances on the General Fund and Earmarked Reserves and movements to Q1/P2 close (see section 10 in Appendix A1a, section 9).

To approve (unanimously):

1. Revisions at Q1/P2 to the approved Capital Budget to incorporate the reprofiling of £3.5m budget movements following the approval of Cabinet and officer executive decisions and the re-profiling of £2.7m prior year unspent budget carry forward.
2. Further revisions to the Capital Budget prior to P3 to reflect the forecast £149.6m underspend and its reprofiling into future years.
3. The release of £8.0 million corporate inflation budget as approved in the 2024/25 budget but not initially allocated to directorates’ cash limits (Appendix A1a, section 3).
4. The forecast release of £15.2 million corporate funds (£4.6m inflation budget and £10.6m optimism bias/savings contingency) to mitigate in part the £28.7 million forecast overspend at service level.
5. The creation of 3 new reserves to account for Early years wraparound childcare, Early years delivery support for early years expansion and Schools in financial difficulty.