Purpose

The purpose of the report is to provide an
update on the revenue budget forecast outturn for the period to the
end of November 2024 (Quarter 2+). The report also provides an
update on the council’s Medium Term Financial Position,
Dedicated Schools Grant, Housing Revenue Account (HRA), Collection
Fund and Capital Programme.

The Quarter 2+ update also helps to inform the 2025/26 budget
setting process, as the Quarter 3 report will follow the Full
Council Budget meeting on 27 February 2025.

Content

The Cabinet has
considered the Quarter 2+ revenue forecast outturn including an
update on the Dedicated Schools Grant, Housing Revenue Account,
Collection Fund, Reserves updates to the Capital Programme, and has
agreed to:-
 
(1) Approve the
virements to the Revenue Budget;
 
(2) Note the Cash
Limit and Non-Cash Limit forecast outturn positions for 2024/25 as
at Quarter 2+;
 
(3) Note the DSG, HRA
and Collection Fund forecast outturn positions for 2024/25 as at
Quarter 2+;
 
(4) Note the update on
Reserves;
 
(5) Note the forecast
position for the 2024/25 Capital Programme;
 
(6) Note the changes
to the Capital Programme and re-phasing of schemes during Quarter
2+; and
 
(7) Note the 2024/25
Capital Programme Prudential Indicators.