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The Cabinet considered
a report of the Director of Corporate Services and Chief Finance
Officer, which sought to inform of the Council’s forecast
2024/25 Financial Position at the end of December 2024. The report
also sought approval of the Budget pressures outlined at section
5.3.2 of the report and agreement to switch capital budgets within
Economy & Place Directorate as outlined at section 5.5.3 of the
report.
 
The Deputy Chief
Finance Officer was in attendance to
present the report and to address the questions and the comments of
the Cabinet Members.
 
The Senior Officer
informed that the 2024/25 forecast Revenue outturn position was a
pressure of £2,708k, arising mainly from significant
pressures in Integrated Care & Health, and Children’s
Services, partially offset by in year savings, primarily from
Finance Control, Public Health and Corporate Services. The forecast
pressure was prior to the consideration of non-automatic Budget
Carry Forward requests. However, if the Council still had an
overall overspend position at the end of the financial year, the
Budget Carry Forward requests would not be
approved. Any variation from budget at outturn would be transferred to or from the Equalisation
Reserve.
 
Forecast
Capital expenditure of £87,330k, after rephasing of £28,351k into future years. The
majority of the rephased expenditure,
£25,248k (89%) related to schemes within Economy & Place.
This is funded through grants, invest to save and prudential
borrowing. The balance of £3,103k was
funded through grants, capital receipts and prudential
borrowing.
 
The forecast
2024/25 Collection Fund position, being a surplus of £5,347k,
including the Council’s share of £4,929k. The surplus
of £4,929k had been reflected in
the Council’s 2025/26 budget.
 
Quarter 3 updates also
included the Property Growth Fund position as detailed in section
5.8 of the report and the Treasury Management position, discussed
in section 5.9 and Appendix C of the report.
 
Resolved:
1.   
That the 2024/25 forecast positions for Revenue, Capital, and the
Collection Fund as at the end of December 2024, as detailed in
section 5 of the report be noted;
2.   
That the Budget Carry Forward and New/ Transfer to Reserves
requests summarized in section 5.3.1 of the report be noted;
3.   
That the Budget Pressure requests detailed in section 5.3.2 of the
report be approved;
4.   
That the update on the Health and Social Care Pooled Budget
detailed in section 5.4 of the report be noted;
5.   
That the net Capital budget changes of £1,222k, detailed in
section 5.5.1of the report be noted;
6.   
That the Capital re-phasing of £28,351k into future years
detailed in section 5.5, and Appendix B (2) of the report be
noted;
7.   
That the request to switch capital budgets within Economy &
Place directorate as detailed in section 5.5.3 of the report be
approved;
8.   
That the Collection Fund update detailed in section 5.7 of the
report be noted;
9.   
That the Property Growth Fund update in section 5.8 of the report
be noted;
10. That  the Treasury
Management update for Quarter 3 in section 5.9, and Appendix C of
the report be noted.
 
Reason for
decision:
Cabinet Members
should be kept updated on the financial
position of the authority, as effective budget management was
critical to ensuring financial resources were spent in line with
the budget and were targeted towards the Council’s
priorities.
This report focused on
the forecast 2024/25 financial position as at the end December
2024.
 
Alternatives
considered and rejected:
There was no
alternative, as the Council financial reporting complied with
CIPFA’s Financial Management Code and its standards to ensure
management of financial resources in the short, medium and long
term, management of financial resilience to meet unforeseen demands
on services, and management of unexpected shocks within financial
circumstances.