Purpose

To provide an update on the Quarter 2 forecast
for the 2024/25 County Council’s Revenue and Capital
Budgets

To report on the Council’s performance and risk during
Quarter 2 of 2024/25

Decision

Cllr Lynden Stowe and Cllr Stephan Fifield
provided an update on the end of year forecast for the2024/25
County Council’s Revenue and Capital Budgets and reported on
the Council’s performance and risk during Quarter 2
2024/25
 
Having considered all of the information,
Cabinet noted the report and

RESOLVED to:
 
1. Note the forecast revenue year end position
based on quarter 2 forecasts for the 2024/25 financial year, which
is an underspend of £580k. This is a favourable movement of
£80k relative to Quarter 1.

2. Approve £39.408 million use of
reserves, compared to a budget of £50.812 million, as
summarised in Table 2 and detailed within Section A of the report.
For Quarter 3, the budget figure will be updated to reflect the
£39.408 million. The £39.408 million includes
£27.358 million in respect of Dedicated Schools Grant, as
well as a net £12.050 million in respect of Useable Revenue
Reserves. The reserve movements include a transfer to General Fund
Reserve of £3.788 million from favourable Technical &
Countywide variances.

3. Approve, included within the reserve
figures in Recommendation 2, the use of £1 million for
resurfacing of roads, from the Technical & Countywide General
Fund Reserve funding as detailed in paragraph 28.

4. Note the forecast delivery of £25.929
million savings against a 2024/25 target of £32.453 million,
or 79.90%.

5. Approve the capital budget profile changes
detailed in paragraphs 4442 to 48, and notes the quarter 2 capital
expenditure forecast outturn position of £144.717
million.
 
6. Approve the changes to capital programme of
transfers (virements) and funding increases, as detailed in
paragraph 5555.

7. Note the Prudential Indicator monitoring
reported at Section D.

8. Note this report of the Council’s
performance and risks.