Decision details

The Committee considered the report which provided the forecast outturn for the financial year 2024/25 based on income, expenditure, and known commitments as at the end of October 2024. It also identified actions that were being taken to address adverse variances to urgently address the Council’s financial sustainability.

It was requested that future reports include both the original budget and subsequent changes to aid transparency and scrutiny.

Concern was expressed about the long term sustainability and the impact on service delivery of the savings being made by vacancy management. 

RESOLVED (by majority):

That the Economy and Growth Committee

1               note the factors leading to a forecast adverse Net Revenue financial pressure of £18.3m against a revised budget of £390.5m (4.7%) and note the contents of Annex 1, Section 2 of the report and the progress on delivery of the MTFS approved budget policy change items, the RAG ratings and latest forecasts, and the actions to be taken to address any adverse variances from the approved budget.

2               note the in-year forecast capital spending of £144.7m 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 of the report.

4               recommend to Council the approval of the Supplementary Revenue Estimate Request for Allocation of Additional Grant Funding over £1,000,000 as per Annex 1, Section 3, Table 1 of the report.

5        note the Capital Virements above £500,000 up to and including £5,000,000 as per Annex 1, Section 4, Table 4 of the report will be approved in accordance with the Council’s Constitution.