Decision Maker: Strategy and Resources Policy Committee

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: March 19, 2025

Purpose:

Content: 9.1 The Director of Finance & Commercial Services presented a report providing updated information on the 2024/25 Revenue Budget Outturn, including detailed committee budget monitoring information and management actions.   The report states that Sheffield City Council is currently experiencing financial challenges due to increased service demands, rising costs, and reduced funding. This has resulted in a projected overspend of £34.8 million for the 2024-25 fiscal year, 7.1% of the net revenue budget. Key service areas affected include Housing and Homelessness, Adults and Children’s Social Care, and SEN home-to-school transport. The Council will be drawing from budget contingency reserves to manage this year’s budget overspend. To address these issues, the Council is focusing on the “Future Sheffield” programme, a critical initiative aimed at transforming services to create a more sustainable and efficient operating model.     9.2 RESOLVED UNANIMOUSLY: That Strategy and Resources Policy Committee note the updated information on the 2024/25 Revenue Budget Outturn as described in this report including the detailed committee budget monitoring information and management actions provided.     9.3 Reasons for Decision     9.3.1 To record formally changes to the Revenue Budget.     9.4 Alternatives Considered and Rejected     9.4.1 The Council is required to both set a balanced budget and to ensure that in-year income and expenditure are balanced. No other alternatives were considered.