Purpose

An update on the Council's financial position
for 2024/25.

Decision

i) 
Agree the £0.17M adjustments to be made to directorate
budgets to reflect sustained favourable variances reported at month
8 of 2024/25 due to transformation and other measures, to be
transferred to centrally held contingency to reduce the reliance on
Exceptional Financial Support (EFS), as set out in paragraph 6.
ii) 
Agree to the creation of a new housing stock condition survey
reserve and a contribution from centrally held contingency of
£0.25M in 2024/25 as set out in paragraph 8.
iii) 
Note the revised General Fund Capital Programme is £206.99M
and the HRA Capital Programme is £240.53M as detailed in
paragraph 4 of Appendix 2.
iv) 
Approve slippage of £17.80M, £15.04M within the General
Fund programme and £2.76M within the HRA programme, as
detailed in paragraphs 5 to 7 of Appendix 2 and Annex 2.3.
v) 
Note that the overall forecast position for the capital programme
for 2024/25 at quarter 2 is £154.98M, resulting in a
potential overspend of £0.31M, as detailed in paragraphs 8 to
10 of Appendix 2 and Annex 2.2.
vi) 
Note that the capital programme remains fully funded up to 2028/29
based on the latest forecast of available resources although the
forecast can be subject to change; most notably regarding the value
and timing of anticipated capital receipts and the use of prudent
assumptions of future government grants to be received.