Purpose

To report the
forecast position for 2024/25 at Quarter 2 (September 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 £10.2 million at
Quarter 2, before management action estimated at £8.2 million
to reduce the forecast overspend to £2.0 million

Decision

That: Cabinet
 
a) Reviews the financial forecast for 2024/25,
as set out in the appendices A-D, and  identifies any additional actions to be considered
to reduce forecast cost pressures;
 
b) Notes the progress in delivery of savings
targets for 2024/25; and
 
c) Approves the transfer of Earmarked Reserve
balances to establish a Contingency  Reserve to manage the risk of unforeseen demand and
cost pressures.