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 revenue outturn position at Quarter 3 of a forecast overspend of £4.1m (Q2: £5.1m) be noted, and to note that there would be a requirement to balance the budget using reserves should the overspend remain;

2)    That the Quarter 3 position on the Dedicated Schools Grant (DSG) be noted, being an in year deficit of £17.4m (2024/25 £20m) to take the cumulative deficit to £81.3m;

3)    That the Quarter 3 HRA position be noted, being a projected underspend of £921k. Any underspends would be taken to HRA reserves at year end. The current forecast year-end reserves position was now £27.4m;

4)    That the Quarter 3 forecast capital monitoring position for 2025/26 be noted, and to note a proposed net reduction in the 2025/26 position of £14.7m due to: -

(i)             £14.2m re-profiling of spend into future years (£11.6m General Fund and £2.6m HRA)

(ii)            £0.5m decrease in the capital plan due to the removal of UKSPF grant.

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