Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: December 10, 2024

Purpose: To consider the second quarter Revenue & Capital Monitoring forecast and to consider any specific recommendations on the application of resources in-year, including movements to and from reserves, as required by financial procedure rules.

Content: RESOLVED –   1)    That the forecast revenue outturn position at Quarter 2 for 2024/25 (£9.9m overspend) be noted, and that Executive Directors bring forward sustainable proposals to reduce the overspend to bring the budget back into balance. 2)    That it be noted the DSG deficit was forecast to increase by £20.6m in 2024/25 as set out in the Quarter 2 forecast. 3)    That the Quarter 2 forecast HRA position (£72k surplus) and forecast year-end reserves position of £20m be noted. 4)    That in noting the Quarter 2 forecast capital monitoring position for 2024/25, approval be given to the re-profiling of £67.6m (£62.9m General Fund and £4.7m HRA) of the 2024/25 capital plan into future years. 5)    That approval be given to the £2.4m net increase in the overall capital plan due to £4.7m increased grant and to reduce borrowing by £2.3m (£1.8m 2024/25, £0.5m 2025/26) as set out at Appendicies 1 and 3 of the considered report, 6)    That the Quarter 2 treasury management prudential indicators as set out at Appendix 1 of the report, be noted.