Decision details

2024/25 Financial Monitoring - Forecast Position at Quarter 2

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

A report outlining the forecast financial position of the organisation at the end of 2024/25, based on the information known at the end of the second quarter.

Decision:

That Cabinet:

 

1.     Notes the forecast net residual service overspend of £9.487m (2.4%) that would need to be funded from reserves at the end of 2024/25;

 

2.     Notes the forecast delivery of savings for 2024/25 of £9.529m (59%), and the consequent shortfall against the target;

 

3.     Notes the forecast capital spend for 2023/24 of £176.138m;

 

4.     Notes and approves the movement in the forecast spend on the capital programme of £12.776m from 2024/25 into future years; and

 

5.     Approves the transfer of £4.885m from the Revolving Fund to the Revenue Investment Fund as detailed in Section 6 of the report.

 

Report author: Natalia Hodgetts

Publication date: 15/11/2024

Date of decision: 14/11/2024

Decided at meeting: 14/11/2024 - Cabinet

Effective from: 23/11/2024

Accompanying Documents: