Purpose

To provide an integrated finance and
performance update against Our City: Our Plan priorities for
2024-2025.

Content

1.     
That it be noted that early indications are that there are some
emerging cost pressures in 2024-2025, mainly around increased
demand and inflationary pressures as detailed in the report. These
would be monitored, and an update would be provided in future
reports to Councillors.

 

2.     
That it be noted that the Director of Finance has approved
write-off of debts against the expected credit loss provision as
detailed in Appendix 2 to the report.

 

3.     
That it be noted that the Strategic Risk Register approved by
Cabinet on 12 June 2024 is detailed in Appendix 3 to the
report.

 

4.     
That the use of £10,000 from the Regeneration Reserve to fund
the cost towards regeneration of the Molineux Quarter as detailed
in paragraph 7.6 of the report and establishment of associated
supplementary budgets be approved.

 

5.     
That the use of £110,000 from the Budget Contingency Reserve
to fund the legal settlement costs associated with major event
cancellation as detailed in paragraph 7.7 of the report and
establishment of associated supplementary budgets be approved.

 

6.     
That the use of £397,000 from the Public Health Reserve as
detailed in paragraph 7.8 of the report and establishment of
associated supplementary budgets be approved.

 

7.     
That the use of £648,000 from a combination of the Adults
Social Care Transformation Reserve and the Sustainable MTFS Reserve
as detailed in paragraph 7.9 of the report and establishment of
associated supplementary budgets approved.

 

8.     
That 36 virements totalling £20.1 million on the General
Fund, for transfers within directorates, as detailed in Appendix 5
to the report be approved.

 

9.     
That the write-off of debts against the expected credit loss
provision as detailed in Appendix 2 to the report be approved.

 

10.  
That the General Fund Budget Risks 2024-2025 register as detailed
in Appendix 4 to the report be approved.

 

11.  
That the establishment of supplementary budgets within 2024-2025 as
detailed in Section 6 of the report be approved.