Content

Following consideration of the officer report,
appendices and discussion, the Executive resolved to:
 
a)   
Note Council is now forecasting a
balanced revenue position (on-budget) for
2024/25.
b)   
Note the total Council revenue forecast underspend
of £31.074m for the
year. There is a forecast underspend of
£25.014m 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.
c)   
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
£31.074m to £5.726m, due to the
forecast underspend within budget lines (paragraph 18).
d)   
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.
e)   
Agree that the Council continues
with the aim of avoiding a Section 114 notice by
continuing to take the actions it has been taking all
year.
f)     
Agree to delegate to the Chief Finance Officer
(Section 151 Officer), in consultation with the Deputy Leader of
the Council and Lead Member for Resources, Procurement and
Performance, to agree the final 2024/25 Outturn for all including
the GF Revenue, Capital, DSG, HRA, Reserves and Capitalisation
Direction to enable the Statement of Accounts 2024/25 to be
completed, compiled and signed off by the Chief Finance Officer
(Section 151 Officer).
g)   
Note the final outcome of the 2024/25 MTFP Savings,
with £35.856m Achieved (89%) and £4.376m Unachieved
(11%) as set out in Table 2
and Appendix J1.
h)   
Note the in-year forecast overspend on the Dedicated
Schools Grant of £28.745m, a decrease of
£1.993m from Month 10 (paragraph 12).
i)     
Note the total forecast Dedicated Schools Grant
year-end deficit of £62.656m
as set out in Appendix
C.
j)     
Note the collection rates for Council Tax and
Business Rates as set out in paragraph
19.
k)   
Approve an addition to the Capital budget of
£0.405m being grant funded costs on the iAero Centre, and
£0.099m being S106 funded Community projects.
l)     
Note the Capital Programme forecast outturn at Month
11 is £148.606m.
m) 
Approve the additional Month 11 capital slippage of
£0.045m into future years.