Issue - meetings

Background:

The report provided the Cabinet with the results of the third round of revenue budget monitoring based on returns submitted by individual budget managers. In preparing these forecasts, budget managers took account of last year’s outturn, items of growth or savings agreed as part of the budget build, actual income and expenditure for the year to date, and most importantly, their knowledge of commitments and service requirements anticipated for the remainder of the financial year.

The forecast outturn for 2024/25 represented a pressure of £8.429million, an improvement of £2.792million from the position reported at Round 2. The third round of revenue budget monitoring for 2024/25 projected an overspend of £8.429million.

Reasons:

The Full Council is responsible for agreeing a balanced budget in advance of each financial year. The 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.