The Board received a report from
the Director – Finance, which reported the Council’s overall revenue net
spending position as of 31 July 2024, together with a 2024/25 forecast outturn
position. The report also included an update on the Council’s medium term financial
forecast over the four years to 2028/29 (Appendix 5).
A summary of spending against the
operational revenue budget position as at 31 July was
presented in Appendix 1 and Appendix 2 and these provided detailed figures for
each individual Department. In overall
terms net spending as at 31 July 2024 was £6.561m over
budget. The outturn forecast for the year estimated that net spend would be
over the approved budget by £19.777m. It was noted that the forecast position is
of great concern and without action the Council would not be in
a position to provide a balanced budget by financial year-end.
The report detailed a review of
the Council General Reserve as at 31 July 2024. The
current balance of reserves is £11.581m and this was well below that required
to help provide a balanced budget position.
Members were advised that Council
had previously approved the capital programme for 2024/25 at its meeting on 6
March 2024. Since then, the capital programme had been revised to reflect a number of changes in spending profiles and funding as
schemes had been developed. Appendix 3 presented the Capital Programme as at 31 July 2024. Appendix 4 outlined the saving measures
against the budget for the two year period 1 April 2024
to 31 March 2026 together with information on action to date to achieve the
target saving.
RESOLVED: That
1)
all
spending continues to be limited to only absolutely essential items;
2)
Executive
Directors continue the urgent action to identify areas where spending could be
reduced or suspended for the remainder of the current financial year, or
additional funding secured;
3)
Council
be requested to approve the Capital Programme as set out in paragraph 3.21; and
4)
the updated
Medium Term Financial Forecast included at Appendix 5 is noted.