Report attached.

Cabinet:

Noted the revenue financial position at Period 9 as set out in section 4 and Appendix A of the report.

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

Noted the Quarter 3 Capital Programmed update as set out in Appendix B of the report.

Report Title: Revenue and Capital Budget Monitoring report – Period 9

Presented by: Councillor Ray Morgon on behalf of Councillor Chris Wilkins, Cabinet Member for Finance

Summary:

This report sets out the monitoring position for the Council for 2024/25 based on figures to period nine (31^st December 2024). This 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 £20.14m overspend on its General Fund revenue budget at period 9, this excludes the funding directive of £14m that was required to balance the budget. Overall, the Council has a General Fund pressure of £34.14m. The Council continues to enforce strict spending controls and focus on driving down spend. 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. Most savings are forecast to be delivered, however at present C£8.9m have been delivered to date. This creates considerable risk that the position could worsen because of savings not being delivered. There are several savings which are either delayed or will not be delivered and the resultant pressure is fully included in the projected variances presented in this report. The overspend reported within the services are predominantly driven by delivery of core services, which have either increased in cost for delivery, demand or both. The pressures are not being driven by one off events. Savings are therefore becoming more difficult to identify. Departments are, however, reviewing all areas to identify underspends and efficiencies to mitigate written out savings and reduce the cost base.

Cabinet:

Noted the revenue financial position at Period 9 as set out in section 4 and Appendix A of the report.

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

Noted the Quarter 3 Capital Programmed update as set out in Appendix B of the report.