Issue - meetings
Budget monitoring report 2024-25 – Quarter 1
Meeting: 11/09/2024 - Cabinet (Item 6.6)
6.6 Budget monitoring report 2024-25 – Quarter 1 PDF 691 KB
Additional documents:
- Appendix 1 - Nationally Recognised Demand Driven Pressures, item 6.6 PDF 210 KB
- Appendix 2 - 2024-25 General Fund Revenue by Service Area, item 6.6 PDF 116 KB
- Appendix 3 - 2024-25 General Fund Variances, item 6.6 PDF 211 KB
- Appendix 4 - 2024-25 General Fund and Earmarked Reserves, item 6.6 PDF 72 KB
- Appendix 5 - 2024-25 Savings Tracker, item 6.6 PDF 129 KB
- Appendix 6 - 2024-25 Q1 General Fund Forecast Outturn Capital Programme Monitor, item 6.6 PDF 84 KB
- Appendix 7 - 2024-25 Q1 Capital Growth and Reductions 2024-2027, item 6.6 PDF 535 KB
- Webcast for Budget monitoring report 2024-25 – Quarter 1
Decision:
DECISION
1. Note the council’s quarter 1 forecast outturn position as at 30th 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 30th 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 30th June 2024.
5. Note that there are no equalities implications directly resulting from this report, as set out in Section 10 of the report.
CORPORATE DIRECTOR RESOURCES (J. LORRAINE)
Director of Finance, Procurement and Audit (A. Kassim)