Agenda item

To consider the report of the Cabinet Member for Finance and Corporate Services providing a summary of the financial position of the Council for 2024/25 as at the end of July 2024 (month 4). The month 3 (June 2024) position has also been included for completeness. 

Decision Made: (CAB 24/25 45707)

On consideration of the report of the Cabinet Member for Finance and Corporate Services, Cabinet approved the following:

(i)  Agree the £6.13M adjustments to be made to directorate budgets to reflect sustained favourable variances reported in the first four months 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)  Within the £6.13M, recommend Council approve the budget adjustment for the sustained favourable variance of £3.75M for Community Wellbeing to be transferred to centrally held contingency, as this element requires Council approval.

(iii)  Agree the progress being made to deliver on the Deficit Recovery Plans that have been developed to mitigate forecast overspends in a number of specified budget areas, as set out in paragraph 7.

(iv)  Recommend Council approve the virement of £20M income and expenditure within the Schools Budget to recognise increased funding, as set out in paragraph 22.