Decision Maker: Strategy and Resources Policy Committee

Outcome: Recommendations Approved (subject to call-in)

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: October 14, 2024

Purpose: To present the Strategy and Resources Policy Committee with the latest detailed financial monitoring report and identify any additional financial approvals that are required.

Content: The Committee RESOLVED:   To note: 1. The council’s General Fund forecast outturn revenue overspend of £19.7 million at P5/Q2 2024/25 against the council approved budget of £533.7 million. 2. In-year measures to reduce this financial pressure. 3. The Quarter 2 technical virements (Appendix A1a, Section 3, Tables 3a to 3d). 4. The performance on delivery of savings (Appendix A1a, Section 4, Tables 4a and 4b). 5. The additional weighted net risk of £7.8 million per the risks and opportunities register (Appendix A1a, Section 5, Tables 5a and 5b) 6. The council’s outturn position of £14.8 million overspend within the Housing Revenue Account to be transferred to the HRA general reserve at the year end (Appendix A1a, Section 6.4). 7. The council’s outturn position of a £31.7 million overspend (net £15.0m) in the Dedicated Schools Grant and that this brings the carry forward deficit to £90.3 million. Following the application of the DfE’s 24/25 Safety Valve combined with contribution from the General Fund a total £52.2 million is forecast to be carried forward at the year end in the DSG deficit reserve (Appendix A1a, Section 6.5). 8. The breakeven position on Public Health services (Appendix A1a, Section 6.6). 9. The breakeven position on the Bristol Harbour Fund. (Appendix A1a, Section 6.7). 10. The current planned flexible use of £12.0 million capital receipts (Appendix A1b, Section 3). 11. The current levels of outstanding debt (Appendix A1a, Section 7.9). 12. Current balance sheet risks (Appendix A1b, Section 8). 13. The council’s forecast underspend of £70.7 million against the Capital Programme revised budget 2024/25, comprised of £42.7 million underspend on the General Fund and £28.0 million underspend on the HRA. (Appendix A1b, Section 1) and notes that there will be further Capital Programme deep dive reviews in September (Appendix A1b, Section 1.9). 14. The Executive Director for Growth and Regeneration’s decision to return unspent capital grant allocation of £0.895m to Homes England and that this has no consequent budget impact (either capital or revenue).   To approve (unanimous vote): - Revisions to the revised Capital Budget to incorporate the reprofiling of £57.3 million budget into future years following both the total £70.7 million forecast underspend at Q2/P5, with the exception of Baltic Wharf and Hengrove Future Phases (Hengrove 1B) which are subject to review.