Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: September 17, 2024

Purpose: To review the financial position of the authority and adjust financial information as appropriate

Content: RESOLVED:   A. That Cabinet noted the financial reporting data for period 4 (July) relating to revenue budgetary control, showing a forecast net adverse variance of £16.928m when corporate and funding items are included. B. That Cabinet noted the contents of Section 7 of the report and appendices 5a to 5d and approved the proposed adjustments to the programme in Appendix 5b That Cabinet note the contents of Section 7 of the report and appendices 5a to 5d and approve the proposed adjustments in the Table below:       Adjustment Budget 2024-25 £ Adjustment Budget 2025-26        £ Adjustment Budget 2026-27         £ Adjustment Budget 2027-28        £ Explanation for the Budgetary Change Environment, Civic Pride & Climate             Parks Investment – Playground Priority Upgrade Prog (1) 413,000 0 (113,000) (300,000) Reprofiled in line with projected spend Total Environment Civic Pride & Climate   413,000 0 (113,000) (300,000)   Housing and Sustainable Development             Borough Regeneration – Schools Living Walls (1) 3,710 0 0 0 Increase to NCIL Funded schemes due to inflation Total Housing & Sustainable Development   3,710 0 0 0   Overall Total   416,710 0 (113,000) (300,000)     C. That Cabinet approved a revenue budget virement in Adult Social Care between heads of services to transfer budget from Meadowsweet to Learning Disabilities placements following the closure of Meadowsweet. D. That Cabinet noted the revision of fees in relation to the client financial affairs service as outlined in appendix 7. E. That Cabinet approved the draw down of £1,021,677 from the Children and Education grants reserve to the Children, Lifelong Learning and Families department’s revenue budgets for Early Years Family Hubs (£175,664), Early Years Supporting Families (£327,048) and Free School Meals Grant (£518,964). F. That Cabinet approved the draw down of £583k from the Cost-of-Living reserve to the Innovation & Change directorate’s revenue budgets. The transfer includes underspends of £80,243 for the Cost-of-Living fund Tranche 1 and £502,494 from Tranche 2 from previous years both to be spent during 2024/25.