Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: September 18, 2024

Purpose: To provide an update on the Quarter 1 forecast for the 2024/25 County Council’s Revenue and Capital Budgets To report on the Council’s performance and risk during Quarter 1 of 2024/25

Content: Cllr Lynden Stowe provided an update on the Quarter 1 forecast for the 2024/25County Council’s Revenue and Capital Budgets and reported on the Council’s performance and risk during Quarter 1 2024/25.       Having considered all of the information, Cabinet noted the report and RESOLVED to:   1. Note the forecast revenue year end position based on Quarter 1 forecasts for the 2024/25 financial year, which is an underspend of £500k. 2. Approve £50.812 million use of reserves, compared to a budget of £11.862 million, as summarised in Table 2 and detailed within Section A of the report. The budgeted figure will be amended to reflect the £50.812 million for Quarter 2. The £50.812 million includes £25.828 million in respect of Dedicated Schools Grant, as well as £24.984 million in respect of Useable Revenue Reserves. 3. Note the forecast delivery of £25.584 million savings against a 2024/25 target of £32.453 million, or 78.83%. 4. Approve that £600k surplus income in respect of the Energy from Waste facility is re-allocated to commitments as set out in paragraphs 25 and 26. 5. Note the quarter 1 capital expenditure forecast outturn position of £160.261 million, and approves the budget profile changes detailed in paragraphs 40 to 44. 6. Approve the changes to capital programme of transfers (virements) and funding increases, as detailed in paragraph 55. 7. Note the Prudential Indicator monitoring reported at Section D. 8. Note this report of the Council’s performance and risks and any areas of concern requiring further analysis, assurance or action. To do this, the following are provided: ·       Council Strategy Progress Updates ·       Corporate Performance and Risk - Overview of Performance ·       Performance Scorecard ·       Risk Scorecard