Decision details

To consider the third quarter Revenue & Capital Monitoring forecast and to consider any specific recommendations on the application of resources in-year, including movements to and from reserves, as required by financial procedure rules.

RESOLVED –

1)    That the forecast revenue outturn position at Quarter 3 for 2024/25 (£9.9m overspend) be noted.

2)    That in line with Financial Procedure Rules the Service Director - Finance would undertake a review of all balances and earmarked reserves to fund any remaining overspend.

3)    That authority be given to the wrap around school hours (8am to 6pm) child care for primary school aged pupils funding, and that the proposed allocation method be noted.

4)    That it be noted the Quarter 3 DSG deficit was forecast to increase by £20.6m in 2024/25.

5)    That the Quarter 3 forecast HRA position as breakeven and forecast year-end reserves position of £21m be noted.

6)    That the Quarter 3 forecast capital monitoring position for 2024/25 be noted, and that approval be given to a further net reduction in the 2024/25 position of £33.3m due to £36.4m re-profiling (£30.4m General Fund and £6m HRA) into future years.

7)    That approval be given to the £3.5m net increase in the overall capital plan (£3.1m 2024/25, £0.4m 2025/26) due to increased grant.

8)    That the Quarter 3 treasury management prudential indicators be noted.