Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: September 17, 2024

Purpose: To set out the current financial position for the Council at the end of the first quarter of 2024/25

Content: DECISIONS:   1)    That Cabinet note the forecast revenue position of a £67,000 overspend for 2024/25, as detailed in Table 1, and the need for continued focus on the savings and efficiency programme;   2)    That Cabinet approve a transfer to the Planning reserve of £300,000;   3)    That Cabinet approves the amendments to the Capital Programme at Appendix A – Table 4 to take into account the changes set out in the report;   RECOMMENDATIONS FROM CABINET TO COUNCIL:   4)    That Cabinet refers to Full Council the approval of an amended 2024/25 budget for the Housing Revenue Account (HRA) with a surplus of £192,000 including an associated reserve withdrawal, as detailed in Table 3.

Reasons for the decision: ·       To ensure the Council’s forecast financial position for 2024/25 is considered and related decisions approved.  It is important that the Cabinet are aware of the financial position of the General Fund and Housing Revenue Account to ensure that they can make informed decisions that are affordable and financially sustainable for the Council).    

Alternative options considered: ·       To not approve the reserve movements outlined;