Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: September 5, 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 first quarter.

Content: That Cabinet:   1.     Notes the forecast net service overspend of £26.998m (6.7%) 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 £9.255m (57%), and the consequent shortfall against the target;   3.     Notes the forecast capital spend for 2023/24 of £161.759m;   4.     Notes and approves the movement in the forecast spend on the capital programme of £26.404m from 2024/25 into future years;   5.     Approves the drawdown of £0.472m from the Revenue Investment Fund as detailed in Section 6 of the report; and   6.     Notes and endorses the financial recovery strategy to mitigate the emerging 2024/25 financial position, as outlined in Section 2 of the report.