Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: January 29, 2025

Purpose: To provide an update on the Quarter 3 end of year forecast for the 2024/25 County Council’s Revenue and Capital Budgets.

Content: Cllr Lynden Stowe provided an update on the Quarter 3 end of year forecast for the 2024/25 County Council’s Revenue and Capital Budgets.     Having considered all of the information, Cabinet noted the report and RESOLVED to:     1.               Note the forecast revenue year end position based on quarter 3 forecasts for the 2024/25 financial year, which is an underspend of £2.703 million. This is a favourable movement of £2.124 million relative to quarter 2 (£580k underspend).   2.               Approve £40.604 million use of reserves, compared to £39.408 million approved at quarter 2, as summarised in Table 2 and detailed within Section A of the report. The £40.604 million includes £30.365 million in respect of Dedicated Schools Grant, as well as a net £10.239 million in respect of Useable Revenue Reserves. The reserve movements include a transfer to General Fund Reserve of £5.288 million from favourable Technical & Countywide variances.   3.               Approve the creation of a new ringfenced reserve for Local Government Reorganistion and Devolution, and the additional favourable additional resources of £525k, detailed in paragraph 40, is transferred to this reserve.   4.               Approve carrying-forward £88k of the reserve-funded contingency held within Technical & Countywide budgets, to be used in 2025/26 and 2026/27. This will support the project costs associated with the Foster Carer Capital Scheme, as set out in paragraph 38.   5.               Note the forecast delivery of £25.818 million savings against a 2024/25 target of £32.453 million, or 79.56%.   6.               Note the quarter 3 capital expenditure forecast outturn position of £141.141 million, against a budget of £145.943 million, as illustrated in paragraph 48.     7.               Approve the changes to capital programme of transfers (virements) and funding increases, as detailed in paragraph 5454.   8.               Note the Prudential Indicator monitoring reported at Section D.