Issue - meetings

The Board received a report from the Director of Finance, advising of the Council’s overall revenue and capital net spending position as at 30 September 2024, together with a 2024/25 forecast outturn position.

Appendix 1 presented a summary of spending against the operational revenue budget up to 30 September 2024 and Appendix 2 provided detailed figures for each individual Department.  It was reported that in overall terms the net Council spend as at 30 September 2024 would be over the approved budget by £8.864m. The outturn forecast for the year estimates that net spending would be over budget by £20.642m if no corrective action was taken.  Appendix 3 presented the Capital Programme as at 30 September 2024, highlighting the schemes which had been revised. Appendix 4 detailed the Council approved savings covering 2024/25 and 2025/26, together with information on progress to date.

It was clear that Council reserves would not be sufficient to meet this pressure, and urgent corrective action should be taken as soon as possible across all Council services to identify spend reductions. It was recommended that the Council submit an application for the Government Exceptional Financial Support, to assist with funding the forecast overspend and future budget setting.

RESOLVED:  That

1)    all spending continue to be limited to only absolutely essential items;

2)    Executive Directors identify reductions to their directorate forecast outturn net spend position and urgently implement them;

3)    Council be asked to agree to submit an application for Exceptional Finance Support to cover the deficit position for the year, as recommended within the Medium Term Financial Strategy report  elsewhere on the agenda; and

4)    future reports be submitted for information to all Council Boards.