Issue - meetings

This report sets out the financial forecast for the General Fund revenue budget, the Housing Revenue Account, the Dedicated Schools Grant and the Capital Programme, as at Quarter 1 2024-25.

Cabinet RESOLVED

(1)    To note the new grant funding received in year, the overall financial position and the actions being taken to manage the issues arising as detailed within the report.

(2)    To note the savings delivery tracker as detailed in Appendix A of the report.

(3)    To note the Prudential Indicators for Treasury Management, as set out in Appendix B of the report.

Eligible for call-in: Yes

Deadline for submission of call-in: 6pm on Monday 22 July 24

Councillor Mili Patel (Deputy Leader and Cabinet Member for Finance & Resources) introduced a report which set out the financial forecast for the General Fund revenue budget, the Housing Revenue Account, the Dedicated Schools Grant and the Capital Programme as at Quarter 1 2024-25.

In introducing the report, Councillor Mili Patel highlighted that despite the considerable efforts to maintain financial control, the operating environment and wider economic context continued to be volatile with small changes in demand disproportionately materialising in large financial pressures. These remained particularly acute in relation to Children’s and Adult social care packages, and costs associated with the provision of temporary accommodation, with the Council also continuing to deal with the impact of rising costs due to the high level of provider inflationary pressures and the impact of the cost-of-living crisis, which had also affected important income streams for the Council.

In considering the report, Cabinet noted the challenges identified in seeking to manage demand and address the pressures identified, with members committed to continue the positive work with relevant Corporate Directors to ensure the monitoring and management of budgets in each service area.

Having noted the information provided and also the comments raised during consideration of the previous financial update reports (included as Items 7 & 8 on the agenda) Cabinet RESOLVED:

(1)        To note the new grant funding received in year, the overall financial position and the actions being taken to manage the issues arising as detailed within the report.

(2)    To note the savings delivery tracker as detailed in Appendix A of the report.

(3)    To note the Prudential Indicators for Treasury Management, as set out in Appendix B of the report.