Purpose

Quarterly Revenue Budget
Monitoring report for
financial year 2024/25

Content

Cabinet
approved 
 

The transfer of £2.237m to
a new High Needs Sustainability Activity reserve. 

 
Cabinet
noted 
 

the current revenue budget is
forecast to overspend by £8.284m by the end of the financial
year. 

the current forecast savings
delivery performance for the year. 

the forecast overspend on the HRA of £1.042m and the impact
on the HRA reserve. 

The forecast overspend against Dedicated Schools Grant (DSG)
budgets of £9.893m and the impact on the cumulative DSG
deficit. 

The transfer from earmarked
reserves; 

                    
i.       
£0.079m from the Adults Programmes reserve to fund
temporary roles and LD budget pressures. 
                  
ii.        
£0.018m from the leisure reserve to fund virtual
studios 
                 
iii.       
£0.026m from leisure reserve to fund pool
pods 
                 
iv.       
£0.007m for Enforcement Activity from the Business Plan
Priority reserve 
                  
v.        
£0.051m drawdown to fund flexible pastoral support for
care experienced young people in Families and
Children’s 
                 
vi.       
£0.086m drawdown from the Supporting Families reserve to
fund planned Families and Children expenditure 
               
vii.        
£1.328m drawdown to fund flexible pastoral support in
schools in Education & Skills 
              
viii.       
£0.123m drawdown from the School Improvement reserve to
offset savings in Education and Skills 
                 
ix.       
£0.231m drawdown from the Health & Safety reserve to
fund investment in personal safety and other Health and Safety
requirements in Assets 
                  
x.        
£0.204m from the iBCF reserve
to fund schemes in 2024/25 in line with the approved plan
 
Reasons for Proposals
To inform effective
decision making and ensure sound financial management as part of
the Councils overall control environment. 
 
To inform Cabinet
on the forecast revenue financial position of the Council for the
financial year 2024/25 as at quarter one (30 June 2024), including
delivery of approved savings for the year.