Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: May 12, 2025

Purpose:

Content: Following consideration of the officer report, appendices and discussion, the Executive resolved to:   a)    Note Council is now forecasting a balanced revenue position (on-budget) for 2024/25. b)    Note the total Council revenue forecast underspend of £31.074m for the year. There is a forecast underspend of £25.014m within Service Directorates for 2024/25 and the Corporate Contingency of £6.000m, whilst remains unallocated it has been released into the forecast outturn within budget lines Table 1. c)    Note that the planned use of reserves of £36.800m for Medium Term Financial Plan (MTFP) Support towards the budget is forecast to reduce by £31.074m to £5.726m, due to the forecast underspend within budget lines (paragraph 18). d)    Agree that mitigating actions are to be identified in order to reduce any overspends, to take action and to contribute to the long-term financial sustainability of the authority. e)    Agree that the Council continues with the aim of avoiding a Section 114 notice by continuing to take the actions it has been taking all year. f)      Agree to delegate to the Chief Finance Officer (Section 151 Officer), in consultation with the Deputy Leader of the Council and Lead Member for Resources, Procurement and Performance, to agree the final 2024/25 Outturn for all including the GF Revenue, Capital, DSG, HRA, Reserves and Capitalisation Direction to enable the Statement of Accounts 2024/25 to be completed, compiled and signed off by the Chief Finance Officer (Section 151 Officer). g)    Note the final outcome of the 2024/25 MTFP Savings, with £35.856m Achieved (89%) and £4.376m Unachieved (11%) as set out in Table 2 and Appendix J1. h)    Note the in-year forecast overspend on the Dedicated Schools Grant of £28.745m, a decrease of £1.993m from Month 10 (paragraph 12). i)      Note the total forecast Dedicated Schools Grant year-end deficit of £62.656m as set out in Appendix C. j)      Note the collection rates for Council Tax and Business Rates as set out in paragraph 19. k)    Approve an addition to the Capital budget of £0.405m being grant funded costs on the iAero Centre, and £0.099m being S106 funded Community projects. l)      Note the Capital Programme forecast outturn at Month 11 is £148.606m. m)  Approve the additional Month 11 capital slippage of £0.045m into future years.