Issue - meetings

The Board received a report from the Director – Finance, advising of the Council’s overall revenue and capital net spending position as at 30 November 2024, together with a forecast outturn position.

Appendix 1 presented a summary of spending against the operational revenue budget up to 30 November 2024 and Appendix 2 provided detailed figures for each individual Department.  Appendix 3 presented the Capital Programme as at 30 November 2024, highlighting the schemes which had been revised.

It was reported that in overall terms the outturn forecast for the year showed that net spend would be over the approved budget by £14.246m. The outturn forecast for the year estimates that net spending would be over budget by £20.757m if no corrective action is taken.  It was clear that Council reserves alone would not be sufficient to fund this pressure. As a result the Council had applied to Government for Exceptional Financial Support.

RESOLVED:  That

1)    all spending continue to be limited to essential items only;

2)    Executive Directors continue to identify areas where they can further reduce their directorate’s spending or generate income, in order to reduce the council/wide forecast outturn overspend position;

3)    Executive Directors continue to implement the approved saving proposals for 2024/25 and 2025/26 as detailed in Appendix 4;

4)    the updated forecast outturn position be shared with the Ministry of Housing, Communities & Local Government in support of the Council’s application for Exceptional Financial Support;

5)    Council  be asked to approve the revisions to the capital programme set-out in paragraph 3.22 and incorporated within Appendix 3; and

6)    this report be shared with each Policy and Performance Board in order to ensure they have a full appreciation of the councilwide financial position, in addition to their specific areas of responsibility.