Purpose

To report the forecast position for 2024/25 at
Quarter 1 (June 2024), including explanation and analysis of the
drivers for the material budget variances, and to outline current
and planned recovery activity to reduce the forecast overspend.
 
To provide assurance that progress has been
made towards delivery of the agreed revenue budget and service
delivery targets, and that the reasons for major variances are
understood and are being addressed to the cabinet’s
satisfaction.
 
The forecast 2024/25 outturn shows a net
overspend of £10.8 million at Quarter 1, before management
action estimated at £4.0 million to reduce the forecast
overspend for 2024/25 to £6.8 million.

Decision

That: Cabinet
 
a) Review the financial forecast for 2024/25,
as set out in the appendices A-D, and identifies any additional
actions to be considered to achieve future improvements; and
 
b) Note the management action identified to
reduce the forecast outturn position for 2024/25; and
 
c) Agree the continuation and strengthening of
management actions to reduce the forecast overspend as identified
in this report