Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: February 4, 2025

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.