Content

Following consideration of the officer report,
appendices and discussion, the Executive resolved to:
 

Note the Council is reporting a
final outturn overspend of £0.655m for 2024/25 which
is an improvement of £5.559m from Month 11. 

Note the underspend of
£30.572m within Service Directorates for 2024/25 and that
the Corporate Contingency of £6.000m, has been released into
the outturn position within budget lines Table 1. 

Note that the planned use of
reserves of £36.800m for Medium Term Financial Plan (MTFP)
Support towards the budget is to reduce by £36.145m to
£0.655m, due to the underspend within budget lines
(section 18). 

Note that the full
£36.884m Exceptional Financial Support (EFS:
Capitalisation Direction) has been utilised for 2024/25. 

Agree that the Council reaffirms
its commitment to avoiding a Section 114 notice in 2025/26 by
continuing and strengthening its financial management actions, with
regular monitoring and reporting to ensure
accountability. 

Note the final
outcome of the 2024/25 MTFP Savings, with £35.856m
Achieved (89%) and £4.376m Unachieved (11%) as set
out in Table 2 and Appendix J. 

Note the in-year outturn overspend
on the Dedicated Schools Grant of £28.745m, a decrease of
£1.993m from Month 11 (Appendix C). 

Note the total forecast Dedicated
Schools Grant year-end deficit of £62.656m as set out
in Appendix C. 

Note the collection rates for
Council Tax and Business Rates as set out in sections 22 and
23. 

Note the quarterly update from the
Spend Control Board detailed in Appendix L. 

Note the quarterly update on the
prudential indicators detailed in Appendix O. 

Note the outstanding debt position
as detailed in Chart 2 and Appendix M. 

Note the level of General Reserves
is £63.200m (risk-based assessment – minimum
£30m, maximum £60m) and repurpose of some specified
earmarked reserves following a review of the Council’s
balance sheet. 

Note the Capital Programme
expenditure for 2024/25 is £188.389m, against a budget
of £149.259m (see Table 5). 

Approve the acceleration and
slippage of expenditure and associated impact on future year
budgets as detailed in Table 6. 

Approve the removal of underspends
totalling £0.697m from the capital programme (see Table
6). 

Approve additions to the Capital
budget of £18.974m as detailed in para 40 and Table
6.