Purpose

To present the Strategy and Resources Policy
Committee with the latest financial outturn report and identify any
additional financial approvals that are required.

Content

The Committee RESOLVED:
 
To
note:
1. The
council’s General Fund forecast outturn revenue overspend of
£18.9 million at P6 2024/25against the council approved
budget of £533.7 million.
2. The performance
on delivery of savings (Appendix A1, Section 3, Tables 3a and
3b).
3. The additional
weighted net risk of £5.6 million per the risks and
opportunities register (Appendix A1, Section 4, Tables 4a and
4b)
4. The
council’s outturn position of £14.2 million overspend
within the Housing Revenue Account to be transferred to the HRA
general reserve at the year end (Appendix A1a, Section 5.3).
5. The
council’s outturn position of a £31.6 million overspend
(net £15.0m) in the Dedicated Schools Grant and that this
brings the carry forward deficit to £90.2 million. Following
the application of the DfE’s 24/25 Safety Valve combined with
contribution from the General Fund a total £52.1 million is
forecast to be carried forward at the year end in the DSG deficit
reserve (Appendix A1, Section 5.4).
6. The breakeven
position on Public Health services (Appendix A1, Section 5.5).
7. The breakeven
position on the Bristol Harbour Fund. (Appendix A1, Section
5.6).
8. The
council’s forecast underspend of £34.2 million against
the Capital Programme revised budget 2024/25, comprised of
£15.5 million underspend on the General Fund (including
£8.1 million underspend on corporate contingency and
adjustments) and £18.7 million underspend on the HRA.
(Appendix A1, Section 6).
9. That SCIL
budget allocation of £5.0 million will be utilised to support
the Investment in the ‘New Cut’ harbour wall works to
repair and strengthen the River Avon New Cut retaining walls.
(Appendix A1, Section 6.4).
10. The urgent key
decision by the Chief Executive in consultation with the Chair of
Strategy and Resources Committee to approve spend of
£1,021,500 to assist 22,700 free school meals food vouchers
for the October and Christmas 2024 school holidays. (Appendix
A3).
 
To approve (6 members voting in favour
and 3 against):
-
Revisions to the revised Capital Budget to incorporate the
reprofiling of up to £18.7 million HRA budget into future
years following the £18.7 million forecast underspend at
P6.