Decision Maker: Cabinet

Outcome: For Determination

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: November 19, 2024

Purpose: Quarterly Revenue Budget Monitoring report for financial year 2024/25

Content: Resolved:   Cabinet approves:   a)    A new reserve for £0.680m is requested to facilitate early support and adviser activity for schools and families in future years.   Cabinet notes:   b)    the current revenue budget is forecast to overspend by £0.861m by the end of the financial year.   c)    the current forecast savings delivery performance for the year.   d)    the forecast overspend on the HRA of £1.042m and the impact on the HRA reserve.   e)    The forecast overspend against Dedicated Schools Grant (DSG) budgets of £14.942m and the impact on the cumulative DSG deficit.   f)     The transfer from earmarked reserves;   i.               £0.121m from the Leisure reserve to fund Virtual Studios   ii.             £0.075m from Libraries reserve to fund Library pods and new windows   iii.            £0.050m for Q2 Enforcement Activity from the Business Plan Priority reserve   iv.            The use of £0.300m of earmarked reserves to enable Adults and Children’s Services to undertake a feasibility study of potential sites for accommodation   Reason for Decision:   To inform effective decision making and ensure sound financial management as part of the Councils overall control environment. To inform Cabinet on the forecast revenue financial position of the Council for the financial year 2024/25 as at quarter two (30 September 2024), including delivery of approved savings for the year