Issue - meetings

To receive a report on the third financial review for Highways and Transport services for the financial year 2024/25.

The Committee considered a 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.

Although the underspend for Highways and Transport had worsened slightly since FR2 this was still a positive position with an underspend of £0.5m being forecast and across the Place directorate an underspend of £4.9m was being forecast.

RESOLVED:

1.    Review the factors leading to a forecast adverse Net Revenue financial pressure of £18.3m against a revised budget of £390.5m (4.7%). 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 £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.

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