Issue - meetings
Revenue & Capital Budget Monitoring, Cash Limits and Virements – April to December 2024
Meeting: 13/02/2025 - Cabinet (Item 78)
78 Revenue & Capital Budget Monitoring, Cash Limits and Virements – April to December 2024 
PDF 220 KB
The report presents the financial monitoring information for the authority as a whole for the financial year 2024/25, using information available as at the end of December 2024.
:
Additional documents:
- E3578 - Appendix 1 - Revenue Monitoring Commentary, item 78
PDF 62 KB
- E3578 - Appendix 2 - Key Scheme Capital Monitoring Commentary, item 78
PDF 125 KB
- E3578 - Appendix 3(i) - Proposed Revenue Virements, item 78
PDF 204 KB
- E3578 - Appendix 3(ii) - Revised Revenue Cash Limits, item 78
PDF 208 KB
- E3578 - Appendix 4(i) - Capital Virements, item 78
PDF 38 KB
- E3578 - Appendix 4(ii) - Capital Programme by Portfolio, item 78
PDF 91 KB
- E3578 - Appendix 5 - Revenue Savings Monitor, item 78
PDF 154 KB
- Webcast for Revenue & Capital Budget Monitoring, Cash Limits and Virements – April to December 2024
Minutes:
Councillor Mark Elliott, Cabinet Member for Resources, presented the report, moved the officer recommendation and made the following points:
· In Children’s Services there is a significant predicted overspend of £5.51m.
· The main pressures which are leading to the overspend are: Residential care, increased care packages particularly in the Disabled Children’s Team, Unaccompanied Asylum Seeker Children, and home to school transport.
· Long-term mitigation measures include building in-house provision.
· The aim is to reduce reliance on the open market.
· There has been an improvement since the quarter two position of just under £4.6m.
· The current predicted overall overspend is just under £1m.
· This is a better position compared to the same point in the last financial year.
· Cllr Elliott thanked officers for their hard work in improving the financial position and noted that a balanced budget was expected by year-end.
· 77% of the £16.4m planned savings have been delivered.
· The remaining 23% of savings is expected next year or will be mitigated by one-off underspend or income in-year.
· This has been a challenging situation but there is a commitment to approve a balanced budget each year.
Cllr Manda Rigby seconded the motion and commended Cllr Elliott and the officers on their ability to make mid-year adjustments as required. She also noted the importance of regular budget monitoring.
RESOLVED, unanimously:
(1) To note the 2024/25 revenue budget position (as at the end of December 2024).
(2) To note the revenue virements listed in Appendix 3(i) of the report.
(3) To note the capital year-end forecast detailed in paragraph 3.33 of the report.
(4) To note the changes in the capital programme including capital schemes that have been agreed for full approval under delegation listed in Appendix 4(i) of the report.
: