Issue - meetings

Budget Monitoring P10 2024-2025

 

 

Meeting: 03/03/2025 - Cabinet (Item 29)

29 Budget Monitoring P10 2024-2025 pdf icon PDF 234 KB

 

 Executive Summary

This report provides an update on the Council’s financial performance and projected full year outturn position for 2024/25 for the revenue account, capital programme and reserves statement as at the end of January 2025.

As at 31 January 2025, the General Fund projected surplus is £0.048m for the full year 2024/25. This is after adjusting for all known variations and full year forecasting by service managers.

Options considered

This is an update report on the Council’s financial position and so no other options were considered.

Consultation(s)

Cabinet Member

Section 151 officer

Budget Managers

Recommendations

It is recommended that Cabinet:

Reasons for recommendations

To update members on the current budget monitoring position for the Council.

Background papers

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

Tina Stankley, Tina

 

Additional documents:

Decision:

Decision

RESOLVED to recommend that

 

Full Council approves the changes to the Capital Programme as laid out in paragraph 5.5 of the report.

 

Reason for the decision:

To ensure robust ongoing monitoring of the Council’s budget and expenditure.

Minutes:

The Portfolio Holder for Finance, Estates and Property Services, introduced this item. She said that the latest budget monitoring report, set out where the Council was at year end rather than ‘in the moment’ and this had enabled officers to see where changes could be made to improve the financial position and this was now demonstrated by a more positive update in the period 10 report. She thanked the Finance team for their hard work and the Overview & Scrutiny Committee for their engagement and input. She drew members’ attention to the changes to the Capital Programme (page 45 onwards) and this was mainly due to additional grant funding.

Cllr Shires concluded by reminding Cabinet members that there was a forecast deficit for the following year and work would be starting soon on the budget setting process for 2026/2027.

It was proposed by Cllr L Shires, seconded by Cllr T Adams and

 

RESOLVED to

 

1.              Note the contents of the report and the current forecast year end position.

2.              Continue the work to minimise the risk of a General Fund revenue deficit for 2024/25.

3.              Seek approval from full Council to make all the changes to the Capital Programme as laid out in paragraph 5.5 of the report.

 

 

Reason for the decision:

To ensure robust ongoing monitoring of the Council’s budget and expenditure.