Issue - meetings

Corporate Revenue Budget Monitoring Quarter 2 2024/25

Meeting: 14/11/2024 - Executive Board (Item 34)

34 Corporate Revenue Budget Monitoring Quarter 2 2024/25 pdf icon PDF 201 KB

Additional documents:

Decision:

(1)      That the Portfolio Cash Limit Adjustments, as outlined in Appendix 1 attached to the report, be approved.

 

(2)      That the General Fund Budget Summary position as at 30th September 2024, as shown in Appendix 2 attached to the report, and in particular the forecast overspend of £2.156m at the end of Quarter 2 which, if sustained until the year end, would result in an equivalent additional draw down of reserves, be noted.

 

(3)      That the Portfolio Holders be requested to review their budgets for   the remainder of 2024/25 with a view to identifying potential mitigating actions.

 

(4)      That the forecast overspend on the High Needs DSG budget in 2024/25 and the emerging risks around the affordability of High Needs provision from 2025/26 onwards be noted.

 

(5)      That the Earmarked Reserves and General Fund Balance position as at 30th September 2024, as shown in Appendix 3 attached to the report be noted.

 

Minutes:

A report providing an update on the Council’s Revenue Budget for 2024/25 based on a budget monitoring exercise undertaken at the end of September 2024 was submitted for consideration.

 

Appendix 1 provided a detailed analysis of the various budget adjustments that had occurred during the period to 30th September 2024.  The impact of these adjustments on the Council’s budget for 2024/25 was summarised in Table 1 in the report.

 

Appendix 2 provided a summary of the General Fund Revenue Account along with the Forecast Outturn as at 30th September 2024.

 

Appendix 3 provided information on the Earmarked Reserves and General Fund Balance as at 30th September 2024.

 

The following were identified as key variances:

 

            An estimated underspend of £1.050m on the contingent sum held for

             the 2024/25 pay award for staff.

            Forecast of additional Investment Income of £1.570m.

            Lower than expected debt interest payments.

            An underspend on the Minimum Revenue Provision of £260k.

 

RESOLVED

 

(1)      That the Portfolio Cash Limit Adjustments, as outlined in Appendix 1 attached to the report, be approved.

 

(2)      That the General Fund Budget Summary position as at 30th September 2024, as shown in Appendix 2 attached to the report, and in particular the forecast overspend of £2.156m at the end of Quarter 2 which, if sustained until the year end, would result in an equivalent additional draw down of reserves, be noted.

 

(3)      That the Portfolio Holders be requested to review their budgets for   the remainder of 2024/25 with a view to identifying potential mitigating actions.

 

(4)      That the forecast overspend on the High Needs DSG budget in 2024/25 and the emerging risks around the affordability of High Needs provision from 2025/26 onwards be noted.

 

(5)      That the Earmarked Reserves and General Fund Balance position as at 30th September 2024, as shown in Appendix 3 attached to the report be noted.