DECISION

1.    Note the council’s quarter 1 forecast outturn position as at 30^th June 2024, against the approved General Fund budget (£13.3m overspend), Housing Revenue Account budget (£3.9m overspend), and Dedicated Schools Grant (DSG) budget (£2.6m overspend). This is a relatively early forecast in the 2024/25 financial year, affording us an opportunity to implement mitigating actions for forecast overspends which will be reported as part of the quarter 2 budget monitor.

2.    Note the council’s quarter 1 forecast outturn position as at 30^th June 2024, against General Fund and Housing Revenue Account capital programme revised budgets for 2024/25.

3.    Approve £6.1m of capital growth and £1.6m capital reductions, as detailed in paragraph 7.18 of the report and Appendix 7 to the report, as previously reported to Capital Strategy Board.

4.    Note the progress made against the 2024/25 savings targets, based at 30^th June 2024.

5.    Note that there are no equalities implications directly resulting from this report, as set out in Section 10 of the report.

Action by

CORPORATE DIRECTOR RESOURCES (J. LORRAINE)

Director of Finance, Procurement and Audit (A. Kassim)

Councillor Saied Ahmed, Cabinet Member for Resources and the Cost of Living, introduced the report that reported performance against the Council’s 2024/25 budgets at quarter 1, including the General Fund, HRA, Dedicated Schools Grantand capital budgets. Councillor Ahmed highlighted some of the key achievements, pressures, challenges and risks. Councillor Ahmed explained that all Council’s faced significant financial pressures but the Council was performing comparatively well.

Julie Lorraine, Corporate Director Resources, explained how, despite significant financial challenges caused by nationally recognised pressures, officers were taking necessary actions to deliver downward movement in overspends by end of the year. Identification of overspend at this early stage allowed  opportunity to identify and implement mitigations.

Stephen Halsey, Chief Executive explained how officers would be exploring new opportunities to address pressures, including those potentially offered by the new national government.

The Mayor welcomed the report and expressed confidence in his Cabinet and officers to take robust action to mitigate the extraordinary pressures faced. He indicated that, despite its inner-city location, very high population needs and significant national and governmental challenges, the Council’s financial performance continued to impress.  

RESOLVED that the Mayor in Cabinet:

1.    Note the council’s quarter 1 forecast outturn position as at 30^th June 2024, against the approved General Fund budget (£13.3m overspend), Housing Revenue Account budget (£3.9m overspend), and Dedicated Schools Grant (DSG) budget (£2.6m overspend). This is a relatively early forecast in the 2024/25 financial year, affording us an opportunity to implement mitigating actions for forecast overspends which will be reported as part of the quarter 2 budget monitor.

2.    Note the council’s quarter 1 forecast outturn position as at 30^th June 2024, against General Fund and Housing Revenue Account capital programme revised budgets for 2024/25.

3.    Approve £6.1m of capital growth and £1.6m capital reductions, as detailed in paragraph 7.18 of the report and Appendix 7 to the report, as previously reported to Capital Strategy Board.

4.    Note the progress made against the 2024/25 savings targets, based at 30^th June 2024.

5.    Note that there are no equalities implications directly resulting from this report, as set out in Section 10 of the report.