Purpose

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

Decision

(i) 
Agree the £6.13M adjustments to be made to directorate
budgets to reflect sustained favourable variances reported in the
first four months 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) 
Within the £6.13M, recommend Council approve the budget
adjustment for the sustained favourable variance of £3.75M
for Community Wellbeing to be transferred to centrally held
contingency, as this element requires Council approval.
(iii) 
Agree the progress being made to deliver on the Deficit Recovery
Plans that have been developed to mitigate forecast overspends in
a number of specified budget areas, as
set out in paragraph 7.
(iv) 
Recommend Council approve the virement of £20M income and
expenditure within the Schools Budget to recognise increased
funding, as set out in paragraph 22.