Decision Maker: Cabinet

Outcome: Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: February 25, 2025

Purpose: The Cabinet will be presented with details of the Council’s revenue and capital budgets for the third quarter period of 2024/25 and, if necessary, consider proposals for in-year adjustments aimed at achieving an accurate and balanced budget position at the year end.

Content: Cabinet resolved to:   (i)  Note the projected £1.816m revenue overspend forecast at Q3 for the General Fund for the 2024/25 financial year, as set out in sections 2 and 3 of the report;   (ii)  Approve the movement in reserve as set out in Section 6 of the report, including the recommendation not to proceed with the budgeted drawdown of £8.81m from the Budget Support Reserve;   (iii)  Note the progress on delivery of savings as set out in section 4 of the report;   (iv)  Note the projected £5.520m revenue underspend forecast for the Housing Revenue Account, as set out in section 7 of the report;   (v)  Note the projected £5.311m overspend within the Dedicated Schools Grant, as set out in Section 8 of the report;   (vi)  Note the Q3 Capital Monitoring forecast of £258.698m as set out in Section 9 of the report; and   (vii)  Approve the reprofiling of the Capital budget as set out in Section 9 of the report.