Decision

DECISION: The Cabinet agreed to
note:
 
i. The final General Fund revenue outturn
position for 2024/25.
ii. The Quarter 1 2025/26 General Fund net
revenue forecast adverse variance of £6.6m after applying
£7.6m from flexible capital receipts and net contribution to
reserves of £9.4m.
iii. Progress on savings set in the original
2025/26 budget and those deferred from 2024/25 as laid out in
Appendices B and C, with a projected shortfall in delivery in-year
of £2.7m.
iv. The impact of the forecast on the
Council’s reserves balances as set out in paragraphs 29 to 30
and the consequences this has for longer-term financial
resilience.
v. The forecast in-year overspend on the
Dedicated Schools Grant of £3.0m, leading to a projected
cumulative deficit of £20.4m.
vi. The latest forecasts for capital receipts
and the projects funded by the flexible use of capital receipts in
2025/26 as set out in Appendix E and the additional projects
approved under delegated authority by the Executive Director of
Resources in consultation with the Cabinet Member for Finance and
Procurement.
vii. The 2025/26 Quarter 1 General Fund
capital forecast spend of £448.5m against an approved revised
budget of £521.6m.
viii. The 2025/26 Quarter 1 HRA revenue
position of an additional £0.2m spend against the approved
budget. The additional spend will be funded from the HRA
reserves.
ix. The 2025/26 Quarter 1 HRA capital forecast
spend of £140.4m against the budget of £145.6m.