Decision Maker: Executive

Outcome: For Determination

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: January 15, 2025

Purpose:

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).  b)    Note the total Council revenue forecast underspend of £8.782m for the year. There is a forecast underspend of £2.722m 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 £8.782m to £28.018m, due to the forecast underspend within budget lines (section 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 taking all of the necessary actions and continuing to operate as if onehas been issued.  f)      Note the progress and delivered savings of £17.050m of the approved savings programme as set out in Table 2 and Appendix J.  g)    Note that work will continue to find mitigating or substitute savings for the £1.239m of Red unachievable savings, deliver the £5.004m Amber at risk savings and the £16.584m Green on track savings.  h)    Note the in-year forecast overspend on the Dedicated Schools Grant of £32.767m, an increase of £4.508m from Quarter 2 (in section 12).  i)      Note the total forecast Dedicated Schools Grant year-end deficit of £68.707m as set out in Appendix C.  j)      Note the collection rates for Council Tax and Business Rates as set out in section 19.  k)    Note the Capital Programme forecast outturn at Month 7 is £113.678m.  l)      Approve that any application for Exceptional Financial Support for the 2025/26 budget is delegated to the Interim Chief Finance Officer (Section 151 Officer) as detailed in section 31 of this report.