Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: July 23, 2025

Purpose: Budget Monitoring 24/25 Quarter 4 

Content: DECISION:   1.     Notes the council’s provisional gross outturn position as at 31 March 2025 was an overspend £30.5 against the approved Council Budget, After using earmarked reserves amounting £14m, the net was £16.5m, funded from the Council’s reserve.   2.     Notes the Housing Revenue Account outturn was £3.3m underspend.   3.     Notes the Dedicated Schools Grant (DSG) Outturn was an overspend of £4.3m overspend.   4.     Notes the council’s provisional outturn position as at 31 March 2025, against General Fund and Housing Revenue Account capital programme revised budgets for 2024/25.   5.     Notes the use of General Fund earmarked reserves amounting to £42.2m, which will impact on the Council’s financial sustainability, as reserves are one-off source of funding.   6.     Notes the progress made against the 2024/25 savings targets, based at 31 March 2025.   7.     Notes that there are no equalities implications directly resulting from this report, as set out in Section 10.   8.     Approves the net slippages of £22m, net overspends of £2.9m and additions of £4.7m across the General Fund capital programme and net slippages of £22.9m, net overspends of £1.5m across the Housing Revenue Account capital programme as detailed in section 7. 

Reasons for the decision: The regular, timely and accurate reporting of Revenue and Capital Budget Monitoring information through the year is a key financial control. It makes visible variations to budget to inform decision making and enable the council to take timely mitigating actions.   It is important that issues driving variations to budget are understood, challenged and addressed so that the council remains both within the approved budget envelope and on track to delivering the plans Members budgeted for.

Alternative options considered: The council could choose to monitor its budgetary performance against an alternative time frame, but it is considered that the reporting schedule provides the appropriate balance to allow strategic oversight of the budget by Members and to manage the council’s exposure to financial risk. More frequent monitoring is undertaken by officers and considered by individual service directors and the council’s CMT including approval of management action.