Purpose

A report outlining the forecast financial
position of the organisation at the end of 2024/25, based on the
information known at the end of the first quarter.

Decision

That Cabinet:
 
1.    
Notes the forecast net service overspend of £26.998m (6.7%)
that would need to be funded from reserves at the end of
2024/25;
 
2.    
Notes the forecast delivery of savings for 2024/25 of £9.255m
(57%), and the consequent shortfall against the target;
 
3.    
Notes the forecast capital spend for 2023/24 of
£161.759m;
 
4.    
Notes and approves the movement in the forecast spend on the
capital programme of £26.404m from 2024/25 into future
years;
 
5.    
Approves the drawdown of £0.472m from the Revenue Investment
Fund as detailed in Section 6 of the report; and
 
6.    
Notes and endorses the financial recovery strategy to mitigate the
emerging 2024/25 financial position, as outlined in Section 2 of
the report.