Issue - meetings

Background:

This report presented the results of the first round of revenue budget monitoring 2024/25, based on returns submitted by individual budget managers.

The first round projected an overspend which the Council was not in a position to fund on the scale currently projected. The forecast outturn for 2024/25 currently represented a pressure of £16.473million. It was therefore necessary for the Council’s senior managers and elected Members to implement urgent actions to bring expenditure back within the budget agreed by Full Council, or as a minimum to within that which could be funded from general reserves.

Reasons:

Full Council is responsible for agreeing a balanced budget in advance of each financial year. Cabinet is responsible for ensuring that income and expenditure remain within the approved budget, including instructing corrective action to prevent any forecast overspend from materialising.