Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: November 14, 2024

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 second quarter.

Content: That Cabinet:   1.     Notes the forecast net residual service overspend of £9.487m (2.4%) 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 £9.529m (59%), and the consequent shortfall against the target;   3.     Notes the forecast capital spend for 2023/24 of £176.138m;   4.     Notes and approves the movement in the forecast spend on the capital programme of £12.776m from 2024/25 into future years; and   5.     Approves the transfer of £4.885m from the Revolving Fund to the Revenue Investment Fund as detailed in Section 6 of the report.