Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: January 28, 2025

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 third quarter.

Content: That Cabinet:   1.     Notes the forecast net service overspend of £6.567m (1.6%) 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 £9.803m (61%), and the consequent shortfall against the target;   3.     Notes the forecast controllable capital spend for 2024/25 of £169.172m;   4.     Notes and approves the movement in the forecast spend on the capital programme of £13.447m from 2024/25 into future years;   5.     Notes the new S106 developer funding that is being utilised within the capital programme; and   6.     Approves the transfer of £0.472m from the Schools Absence Insurance Equalisation Reserve to the Schools Liability Reserve as detailed in Section 7 of the report.