51 Second Financial Review of 2024/25 (Children & Families Committee) PDF 603 KB
To receive a report on the current forecast outturn for the financial year 2024/25 based on income, expenditure and known commitments as at the end of August 2024. It also identifies actions that are being taken to address adverse variances to urgently address financial sustainability.
Additional documents:
Minutes:
The committee received the report which provided the current forecast outturn for the financial year 2024/25 based on income, expenditure and known commitments as at the end of August 2024. The report also identified actions that were being taken to address adverse variances to urgently address financial sustainability.
Officers undertook to provide written responses in relation to the following queries:
· A financial breakdown regarding the removal of the school catering subsidy (MTFS ref 16) on page 185 of the agenda
· A request for detail on the financial scheme of delegation, including whether there had been any recent changes
Queries were raised regarding costs associated with the school transport review and officers advised that an update report would be brought to committee in January to provide detail.
RESOLVED:
That the Children and Families Committee:
1. Review the factors leading to a forecast adverse Net Revenue financial pressure of £20.1m against a revised budget of £395.4m (5.1%). To scrutinise the contents of Annex 1, Section 2 and review progress on the delivery of the MTFS approved budget policy change items, the RAG ratings and latest forecasts, and to understand the actions to be taken to address any adverse variances from the approved budget
2. Review the in-year forecast capital spending of £157.7m against an approved MTFS budget of £215.8m, due to slippage that has been re-profiled into future years
3. Note the available reserves position as per Annex 1, Section 5