Purpose

To provide an update on the Quarter 3 end of year forecast
for the 2024/25 County Council’s Revenue and Capital
Budgets.

Decision

Cllr Lynden Stowe provided an update on the Quarter 3 end of year forecast for
the 2024/25 County Council’s Revenue and Capital
Budgets.
 
 
Having considered all
of the information, Cabinet noted the report and

RESOLVED to:
 
 

1.              
Note the forecast revenue year end position based on
quarter 3 forecasts for the 2024/25 financial year, which is an
underspend of £2.703 million. This is a favourable movement
of £2.124 million relative to quarter 2 (£580k
underspend).
 

2.              
Approve £40.604 million use of reserves,
compared to £39.408 million approved at quarter 2, as
summarised in Table 2 and detailed within Section A of the report.
The £40.604 million includes £30.365 million in respect
of Dedicated Schools Grant, as well as a net £10.239 million
in respect of Useable Revenue Reserves. The reserve movements
include a transfer to General Fund Reserve of £5.288 million
from favourable Technical & Countywide variances.
 

3.              
Approve the creation of a new ringfenced reserve for
Local Government Reorganistion and Devolution, and the additional
favourable additional resources of £525k, detailed in
paragraph 40, is transferred to this reserve.
 

4.              
Approve carrying-forward £88k of the
reserve-funded contingency held within Technical & Countywide
budgets, to be used in 2025/26 and 2026/27. This will support the
project costs associated with the Foster Carer Capital Scheme, as
set out in paragraph 38.
 

5.              
Note the forecast delivery of £25.818 million
savings against a 2024/25 target of £32.453 million, or
79.56%.
 

6.              
Note the quarter 3 capital expenditure forecast
outturn position of £141.141 million, against a budget of
£145.943 million, as illustrated in paragraph 48.
 
 

7.              
Approve the changes to capital programme of
transfers (virements) and funding increases, as detailed in
paragraph 5454.
 

8.              
Note the Prudential Indicator monitoring reported at
Section D.