Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: January 7, 2025

Purpose: An update on the Council's financial position for 2024/25.

Content: i)  Agree the £0.17M adjustments to be made to directorate budgets to reflect sustained favourable variances reported at month 8 of 2024/25 due to transformation and other measures, to be transferred to centrally held contingency to reduce the reliance on Exceptional Financial Support (EFS), as set out in paragraph 6. ii)  Agree to the creation of a new housing stock condition survey reserve and a contribution from centrally held contingency of £0.25M in 2024/25 as set out in paragraph 8. iii)  Note the revised General Fund Capital Programme is £206.99M and the HRA Capital Programme is £240.53M as detailed in paragraph 4 of Appendix 2. iv)  Approve slippage of £17.80M, £15.04M within the General Fund programme and £2.76M within the HRA programme, as detailed in paragraphs 5 to 7 of Appendix 2 and Annex 2.3. v)  Note that the overall forecast position for the capital programme for 2024/25 at quarter 2 is £154.98M, resulting in a potential overspend of £0.31M, as detailed in paragraphs 8 to 10 of Appendix 2 and Annex 2.2. vi)  Note that the capital programme remains fully funded up to 2028/29 based on the latest forecast of available resources although the forecast can be subject to change; most notably regarding the value and timing of anticipated capital receipts and the use of prudent assumptions of future government grants to be received.