Decision Maker: Strategy and Resources Policy Committee

Outcome: Recommendations Approved (subject to call-in)

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: January 20, 2025

Purpose: To present Strategy and Resources Committee with the latest financial outturn report and identify any additional financial approvals that are required.

Content: The Committee RESOLVED:   To note: 1. The council’s General Fund forecast outturn revenue overspend of £17.5 million at Q3/P8 2024/25 against the council approved budget of £533.7 million. 2. The performance on delivery of savings (Appendix A1a, Section 4, Tables 4a and 4b). 3. The additional weighted net risk of £5.0 million per the risks and opportunities register (Appendix A1a, Section 5, Tables 5a and 5b). 4. The council’s outturn position of £13.2 million overspend within the Housing Revenue Account to be transferred to the HRA general reserve at the year end (Appendix A1a, Section 6.4). 5. The council’s outturn position of a £32.7 million overspend (net £16.1m) in the Dedicated Schools Grant and that this brings the carry forward deficit to £91.3 million. Following the application of the DfE’s 24/25 Safety Valve combined with contribution from the General Fund, a total £53.2 million is forecast to be carried forward at the year end in the DSG deficit reserve (Appendix A1a, Section 6.5). 6. The breakeven position on Public Health services (Appendix A1a, Section 6.6). 7. The breakeven position on the Bristol Harbour Fund. (Appendix A1a, Section 6.7). 8. The council’s forecast underspend of £40.8 million against the Capital Programme revised budget 2024/25, comprised of £8.8 million underspend on the General Fund (including £7.5 million underspend on corporate contingency and funds) and £32.0 million underspend on the HRA (Appendix A1b). 9. The finance urgent key decision (no.38) to accept and spend £0.6 million Community Fund Recovery monies before 31 March 2025 (Appendix A10).   To approve (6 members voting in favour and 3 against): Revisions to the revised Capital Budget to incorporate the reprofiling of up to £32.0 million HRA budget into future years following its forecast underspend at Period 8.