Purpose

Quarterly Revenue Budget
Monitoring report for
financial year 2024/25

Content

Resolved:
 

Cabinet approves:

 

a)   
A new reserve for £0.680m is requested to facilitate early
support and adviser activity for schools and families in future
years.

 

Cabinet notes:

 

b)   
the current revenue budget is forecast to overspend by
£0.861m by the end of the financial year.

 

c)   
the current forecast savings delivery performance for the
year.

 

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

 

e)   
The forecast overspend against
Dedicated Schools Grant (DSG) budgets of £14.942m and the
impact on the cumulative DSG deficit.

 

f)    
The transfer from earmarked reserves;

 

i.              
£0.121m from the Leisure reserve to fund Virtual
Studios

 

ii.            
£0.075m from Libraries reserve to fund Library pods and
new windows

 

iii.           
£0.050m for Q2 Enforcement Activity from the Business Plan
Priority reserve

 

iv.           
The use of £0.300m of earmarked reserves to enable Adults
and Children’s Services to undertake a feasibility study of
potential sites for accommodation
 
Reason for Decision:
 
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 two (30 September 2024), including delivery of approved
savings for the year