Decision details

Financial Position Update - January

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To consider the report of the Cabinet Member for Finance and Corporate Services

detailing an update on the Council's financial position for 2024/25.

 

Decision:

i)  To agree the £3.51M adjustments to be made to directorate budgets to reflect sustained favourable variances reported at month 9 of 2024/25 due to transformation and other measures, to be transferred to centrally held contingency to reduce the reliance on Exceptional Financial Support (EFS), as set out in paragraph 6.

ii)  Agree to use £0.68M of centrally held contingency to meet the forecast overspend for emergency accommodation within Resident Services, as set out in paragraph 8.

Reasons for the decision:

To ensure that Cabinet fulfils its responsibilities for the overall financial management of the council’s resources.

Alternative options considered:

Not applicable.

Report author: Stephanie Skivington

Publication date: 28/01/2025

Date of decision: 28/01/2025

Decided at meeting: 28/01/2025 - Cabinet

Effective from: 06/02/2025

Accompanying Documents: