Decision details

The Cabinet will be asked to consider the projected position of the Council’s revenue budgets for 2024/25 and, if necessary, consider proposals for in-year adjustments aimed at achieving an accurate and balanced budget position at the year end.

Cabinet resolved to:

(i)  Note the projected break-even revenue forecast at Period 2 for the General Fund for the 2024/25 financial year, as set out in sections 2 and 3 and Appendix A of the report;

(ii)  Approve the net projected year-end drawdown of £11.95m reserves to support the in-year position;

(iii)  Note the projected £0.374m revenue underspend forecast for the Housing Revenue Account, as set out in section 6 and Appendix A of the report;

(iv)  Note the projected returns for the Investment and Acquisition Strategy as set out in section 4 and Appendix A of the report;

(v)  Note the movement in Reserve drawdown as indicated in section 5 of the report and that the Cabinet shall be asked to approve the drawdown of reserves to support any overspends at final outturn (post March 2024), subject to finalisation of the actual spend against budget; and

(vi)  Note the period 2 Capital Monitoring update as set out in section 7 and Appendix A of the report.