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The Executive Mayor and Cabinet
RESOLVED to;
 
2.1 to note the General Fund
revenue budget outturn is forecast to overspend at financial year
end by £34.2m at Period 10 before non-recurrent mitigations.
This reduces to £4.3m after the forecast utilisation of
£51m capitalisation directions (£13m more than the
budgeted £38m), utilisation of the £5.0m risk
contingency budget and utilisation of £13.0m corporate
earmarked reserves and £3.9m business risk earmarked
reserve.
 
2.2 to note that all service
directorates were asked to reduce their net expenditure through the
in-year Financial Recovery Plan as set out from paragraph
4.9.
 
2.3 to note the unfunded Local
Government cost pressures that have emerged nationally, regionally
and locally relating to increases in demand and market prices which
need to be addressed by Government changes to policy and/or funding
levels.
 
2.4 to note the progress in
Medium Term Financial Strategy (MTFS) savings achievement of
£22.2m (80.2%) against the total savings target of
£27.7m as set out in paragraph 4.152.
 
2.5 to note the work that is
continuing on the Council’s
Transformation Programme as set out from paragraph
4.147.
 
2.6 to note the Housing Revenue
Account (HRA) revenue budget outturn is forecast to overspend by
£8.0m.
 
2.7 to note the General Fund
capital programme 2024-25 forecast underspend of £10.6m
against the revised capital budget of £137.4m.
 
2.8 to note the HRA capital
programme 2024-25 forecast breakeven position against the revised
capital budget of £68.3m.
 
2.9 to note the Council’s
historic borrowing and subsequent debt burden and national,
regional and local service pressures continue to be critical to the
non sustainability of the
Council’s revenue budget as set out from para 4.172. Dialogue
with MHCLG continues around options of further financial support
from Government to ensure the Council can deliver sustainable Local
Government services.
 
2.10 to note that the Council
continues to operate Spend Control Panels, and tightened the
criteria from July 2024, to ensure that stringent financial control
and assurance oversight are maintained.
 
2.11 to note that current
forecasts are based on the best available information at the time
and will be subject to review and change during the financial
year.