Content

Following
consideration of the officer report, appendices and discussion, the
Executive resolved to:
 

Note Council is now forecasting a
balanced revenue position (on-budget).  

Note the total Council Revenue
forecast underspend of £8.479m for the year. There is a
forecast underspend of £2.419m within Service Directorates
for 2024/25 and the Corporate Contingency of £6.000m, whilst
remains unallocated it has been released into the forecast outturn
within budget lines Table 1. 

Note that the planned use of
reserves of £36.800m for Medium Term Financial Plan (MTFP)
Support towards the budget is forecast to reduce by of
£8.479m to £28.321m, due to the forecast underspend
within budget lines. 

Agree that mitigating actions are
to be identified in order to reduce any
overspends, to take action and to contribute to the long-term
financial sustainability of the authority. 

Agree that the Council continues
with the aim of avoiding a Section 114 notice by taking
all of the necessary actions and
continuing to operate as if one has been issued. 

Note the progress and delivered
savings of £13.114m of the approved savings programme as set
out in Table 2 and Appendix J. 

Note that work will continue to
find mitigating or substitute savings for the £0.432m of Red
unachievable savings, deliver the £5.142m Amber at risk
savings and the £20.189m Green on track
savings. 

Note the in-year forecast
overspend on the Dedicated Schools Grant of £28.259m, an
increase of £2.419m from Month 5 (in paragraph
14). 

Note the total forecast Dedicated
Schools Grant year-end deficit of £64.199m as set out in
Appendix C. 

Note the collection rates for
Council Tax and Business Rates as set out in paragraph
24. 

Note the quarterly update on the
prudential indicators detailed in Appendix L. 

Note the outstanding debt
position as detailed in Chart 3 and Appendix M. 

Note the level of General
Reserves is £52.4m (risk-based assessment – minimum
£30m, maximum £60m). 

Approve the additional Quarter 2
capital slippage of £75.690m into future
years. 

Approve £22.123m of
externally funded additions to the capital programme, as detailed
in Section 34 of this report. 

Note £2.708m of virements
within the capital programme, as shown in Appendix
O.