ORDERED That Executive:
1.
Approve the amendment to Appendix 3 of
the report.
2.
Approve the proposed revenue budget
virements over £250,000 as detailed in paragraph 4.13 and Appendix 3 of the
report.
3.
Approve the inclusion of additional
expenditure budgets to the Capital Programme totalling £8.973m for 2024/25
which were externally funded (detailed in Appendix 9). Subject to approval this
would increase the approved 2024/25 Capital Programme budget to £106.188m.
4.
Approve proposed virements over £250,000
between schemes in the 2024/25 Capital Programme approved by Council in March
2024 which were funded from within existing Council resources (detailed in
Appendix 9 and paragraph 4.37).
AGREED That Executive:
1.
Note the forecast 2024/25 revenue outturn
as at Quarter One of £146.932m against an approved budget of £143.190m, a
forecast year-end overspend of £3.742m (2.6%)
summarised below and detailed in Table 1 of the report,
2.
Note the progress on savings delivery set
out in Tables 2 and 3 and Appendix 4 of the report.
3.
Note that the Council was dependent upon
Exceptional Financial Support (EFS) in 2024/25, approved in principle by the
Ministry of Housing, Communities & Local Government (MHCLG) of up to £13.4m
of one-off borrowing, the costs which were factored into the MTFP. Of this sum
£4.7m had been utilised to achieve a balanced budget in 2024/25 (paragraph 4.5)
of the report.
4.
Note that it was essential that all
available measures were taken by management to control revenue expenditure
within the approved budget, given that the Quarter One forecast overspend, if
realised would require further £2.498m of EFS borrowing to fund slippage in
savings delivery and £1.244m call upon revenue reserves. Both EFS and reserves
could only be used once, and the financial pressure would remain in 2025/26 to
be addressed.
5.
Note that based upon the Quarter One
forecast outturn, the forecast revenue balances at 31
March 2025 would be lower than recommended in the approved Reserves Policy at
£17.670m:
·
General Fund Reserve of £11.1m (minimum
recommended)
·
Council’s unrestricted usable earmarked
reserves of £6.570m
6.
Note the 2024/25 Capital Programme
forecast year end outturn of £99.698m at Quarter One, which was a reduction of
£6.490m (6.1%) from the revised £106.188m budget for 2024/25 comprising:
·
An underspend on projects of £3.223m
·
Slippage on projects of £3.267m into 2025/26
and 2026/27
7.
Note that a full review and reprofiling
of the Capital Programme would be undertaken during Quarter Two including the
establishment of a Capital Programme Board to provide improved management of
the Council’s Capital Programme and its financing.
8.
Note the Treasury Management forecast
outturn position with respect to the Council’s prudential indicators as set out
in paragraphs 4.46 to 4.54.
9.
Note the current forecast deficit of
£5.501m for 2024/25 relating to the High Needs Block with the Dedicated Schools
Grant which increases the forecast cumulative deficit to £19.794m at 31 March 2025.
10. Note
the recovery actions and risks to the Council’s financial resilience set out in
paragraph 4.30 to 4.33 and Appendix 8.
11. Note
the level of Collection Fund and General Fund Debtors at
30 June 2024 as follows (paragraph 4.57 to 4.59):
·
Council Tax £35.790m
·
Business Rates £6.731m
·
Sundry Debt £11.565m
·
Housing Benefit Overpayments £6.427m