Purpose

To present the Strategy and Resources Policy
Committee with the latest detailed financial monitoring 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
£19.7 million at P5/Q2 2024/25 against the council approved
budget of £533.7 million.
2. In-year
measures to reduce this financial pressure.
3. The Quarter 2
technical virements (Appendix A1a, Section 3, Tables 3a to 3d).
4. The performance
on delivery of savings (Appendix A1a, Section 4, Tables 4a and
4b).
5. The additional
weighted net risk of £7.8 million per the risks and
opportunities register (Appendix A1a, Section 5, Tables 5a and
5b)
6. The
council’s outturn position of £14.8 million overspend
within the Housing Revenue Account to be transferred to the HRA
general reserve at the year end
(Appendix A1a, Section 6.4).
7. The
council’s outturn position of a £31.7 million overspend
(net £15.0m) in the Dedicated Schools Grant and that this
brings the carry forward deficit to £90.3 million. Following
the application of the DfE’s 24/25 Safety Valve combined with
contribution from the General Fund a total £52.2 million is
forecast to be carried forward at the year
end in the DSG deficit reserve (Appendix A1a, Section
6.5).
8. The breakeven
position on Public Health services (Appendix A1a, Section 6.6).
9. The breakeven
position on the Bristol Harbour Fund. (Appendix A1a, Section
6.7).
10. The current
planned flexible use of £12.0 million capital receipts
(Appendix A1b, Section 3).
11. The current
levels of outstanding debt (Appendix A1a, Section 7.9).
12. Current
balance sheet risks (Appendix A1b, Section 8).
13. The
council’s forecast underspend of £70.7 million against
the Capital Programme revised budget 2024/25, comprised of
£42.7 million underspend on the General Fund and £28.0
million underspend on the HRA. (Appendix A1b, Section 1) and notes
that there will be further Capital Programme deep dive reviews in
September (Appendix A1b, Section 1.9).
14. The Executive
Director for Growth and Regeneration’s decision to return
unspent capital grant allocation of £0.895m to Homes England
and that this has no consequent budget impact (either capital or
revenue).
 
To approve (unanimous
vote):
- Revisions to the
revised Capital Budget to incorporate the reprofiling of
£57.3 million budget into future years following both the
total £70.7 million forecast underspend at Q2/P5, with the
exception of Baltic Wharf and Hengrove Future Phases (Hengrove 1B)
which are subject to review.