Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

The purpose of this report is to inform Cabinet of the summary position on revenue income and expenditure forecasts for the financial year 2024/25, as at the end of the second quarter.

RESOLVED: That Cabinet:

(1)   Noted this report.

(2)   Approved the changes to the 2024/25 General Fund budget, as identified in table 3 and paragraph 8.2, a £550k decrease in net expenditure.

(3)   Noted the changes to the 2025/26 General Fund budget, as identified in table 3 and paragraph 8.2, a total £306k increase in net expenditure. These will be incorporated in the draft revenue budget for 2025/26.

(4)   Approved the debt write-offs detailed in paragraphs 8.16 and 8.17.

REASON FOR DECISIONS: Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.

Audio recording 1 hour 5 minutes 17 seconds

The Chair invited Councillor Sean Nolan, as Chair of the Finance, Audit and Risk Committee, to present the referral on this item. Councillor Nolan advised that there had been discussion around understanding how the risks affected resourcing of the Council and a decrease in spending at this point had been noticed.

Councillor Ian Albert, as the Executive Member for Finance and IT, presented the report entitled ‘Second Quarter Revenue Budget Monitoring 2024/25’ and advised that:

·       There were some timing issues of reports being presented to committees which needed to be addressed for the future.

·       This report detailed the variances against the revenue budget that had been identified.

·       There was a £550k decrease in net spend with a request for £317k to be carried forward as detailed in Table 3 of the report.

·       The 2025/26 budget setting process would include a further review of spend in the current year to identify any ongoing impacts.

Councillor Ian Albert proposed as amended and Councillor Amy Allen seconded and, following a vote, it was:

RESOLVED: That Cabinet:

(1)   Noted this report.

(2)   Approved the changes to the 2024/25 General Fund budget, as identified in table 3 and paragraph 8.2, a £550k decrease in net expenditure.

(3)   Noted the changes to the 2025/26 General Fund budget, as identified in table 3 and paragraph 8.2, a total £306k increase in net expenditure. These will be incorporated in the draft revenue budget for 2025/26.

(4)   Approved the debt write-offs detailed in paragraphs 8.16 and 8.17.

REASON FOR DECISIONS: Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.