Purpose

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

Decision

The Committee RESOLVED:

To note:

1. The council’s General Fund forecast outturn revenue overspend of £22.3 million against the councilapproved budget at P3 2024/25.
2. The performance on delivery of savings (Appendix A1, section 3, Tables 4a-4b).
3. The additional weighted net risk of £10.5 million per the risks and opportunities register (Appendix A1, section 4, Tables 5a-5b)
4. The council’s outturn position of £9.3 million overspend within the Housing Revenue Account to be transferred to the HRA general reserve (Appendix A1, section 5.2).
5. The council’s position on its General Reserve and on the Housing Revenue Account’s General Reserve.
6. That officers are developing productivity plans following the Council Tax Reduction Scheme update and amendment (S&R Committee, agenda item 9, 15 July 2024).
7. The council’s outturn position of a net £10.8 million overspend in the Dedicated Schools Grant following the application of the DfE’s 24/25 Safety Valve combined with contribution from the General Fund (totalling £15.9m) and that a total £47.9 million is to be carried forward in the DSG deficit reserve (Appendix A1, section 5.3).
8. The breakeven position on Public Health services (Appendix A1, section 5.4).
9. The council’s forecast underspend of £6.4 million against the Capital Programme revised budget 2024/25, comprised of £7.0 million underspend on the General Fund and £0.6 million overspend on the HRA. (Appendix A1, section 6).