Content

9.1

The Director of Finance & Commercial Services
presented a report providing updated information on the 2024/25
Revenue Budget Outturn, including detailed committee budget
monitoring information and management
actions.
 
The report states that Sheffield City Council is
currently experiencing financial challenges due to increased
service demands, rising costs, and reduced funding. This has
resulted in a projected overspend of £34.8 million for the
2024-25 fiscal year, 7.1% of the net revenue budget. Key service
areas affected include Housing and Homelessness, Adults and
Children’s Social Care, and SEN home-to-school transport. The
Council will be drawing from budget contingency reserves to manage
this year’s budget overspend. To address these issues, the
Council is focusing on the “Future Sheffield”
programme, a critical initiative aimed at transforming services to
create a more sustainable and efficient operating
model.

 

 

9.2

RESOLVED UNANIMOUSLY: That Strategy and
Resources Policy Committee note the updated information on the
2024/25 Revenue Budget Outturn as described in this report
including the detailed committee budget monitoring information and
management actions provided.

 

 

9.3

Reasons for Decision

 

 

9.3.1

To record
formally changes to the Revenue Budget.

 

 

9.4

Alternatives Considered and
Rejected

 

 

9.4.1

The Council is required to both set a balanced budget and to
ensure that in-year income and expenditure are balanced. No other
alternatives were considered.