Report attached.

Cabinet:

Noted the revenue financial position at Period 6 as set out in section 4 and Appendix 1 of this report

Noted the progress towards delivery of the 2024/25 savings and the updated position on earmarked reserves

Noted the Quarter 2 Capital Programme update as set out in Appendix 2 to this report.

Report: Revenue and Capital Budget Monitoring Report - Period 6

Presented by: Councillor Chris Wilkins (Cabinet Member for Finance)

Summary:This Report sets out the monitoring position for the Council for 2023/24 based on figures to period six (30^th September).  The report also updates on the latest position on the Capital programme detailing spend and outputs so far and planned spend for the remainder of the year

The Council is projecting a £33.2m overspend on its General Fund revenue budget at period 6. The Council will continue to enforce strict spending controls and identify efficiencies as set out later in this report. The current projected outturn position would result in the Council needing to utilise the full extent of the £32.5m Capitalisation Direction provisionally agreed with the Government at budget setting.

The report also sets out progress to date on delivery of the 2024/25 savings agreed in setting the budget in February 2024. The majority of savings are either already delivered or are on track. There are a number of savings which are either delayed or will not be delivered. Departments are reviewing all areas to identify underspends and efficiencies to mitigate these savings but the resultant pressure is fully included in the projected variances presented in this report.

Cabinet:

Noted the revenue financial position at Period 6 as set out in section 4 and Appendix 1 of this report

Noted the progress towards delivery of the 2024/25 savings and the updated position on earmarked reserves

Noted the Quarter 2 Capital Programme update as set out in Appendix 2 to this report.