Purpose

To provide an update on the Quarter 1 forecast
for the 2024/25 County Council’s Revenue and Capital
Budgets

To report on the Council’s performance and risk during
Quarter 1 of 2024/25

Decision

Cllr Lynden Stowe provided an update on the
Quarter 1 forecast for the 2024/25County Council’s Revenue
and Capital Budgets and reported on the Council’s performance
and risk during Quarter 1 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 1 forecasts for the 2024/25 financial year, which
is an underspend of £500k.

2. Approve £50.812 million use of
reserves, compared to a budget of £11.862 million, as
summarised in Table 2 and detailed within Section A of the report.
The budgeted figure will be amended to reflect the £50.812
million for Quarter 2. The £50.812 million includes
£25.828 million in respect of Dedicated Schools Grant, as
well as £24.984 million in respect of Useable Revenue
Reserves.

3. Note the forecast delivery of £25.584
million savings against a 2024/25 target of £32.453 million,
or 78.83%.

4. Approve that £600k surplus income in
respect of the Energy from Waste facility is re-allocated to
commitments as set out in paragraphs 25 and 26.

5. Note the quarter 1 capital expenditure
forecast outturn position of £160.261
million, and approves the budget profile changes detailed in
paragraphs 40 to 44.

6. Approve the changes to capital programme of
transfers (virements) and funding increases, as detailed in
paragraph 55.

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

8. Note this report of the Council’s
performance and risks and any areas of concern requiring further
analysis, assurance or action. To do this, the following are
provided:

·      
Council Strategy Progress Updates

·      
Corporate Performance and Risk - Overview of Performance

·      
Performance Scorecard

·      
Risk Scorecard