Lead Member – Councillor Roger Evans, Portfolio Holder for Finance

Lead Officer – James Walton, Executive Director of Resources

RESOLVED:

3.1. To note that the position set out in the report reflects the best information available after the first 4 weeks of the year and hence considerable uncertainty in these early estimates.

3.2. To note that at the end of Period 1 (30th April 2024), the indicative level of savings delivery is £24.974m (42%), resulting in a projected spend over budget of £13.884m for 2025/26.

3.3. To note the control corridor that the Council will be working to for 2025/26 is as follows: Adverse £39.700m overspend Central £13.884m overspend Favourable £1.422m overspend

3.4. To note the projected General Fund Balance of £0.393m for 31 March 2026 if the projected spend over budget is realised

The Portfolio Holder for Finance introduced the report of the first four weeks of the financial year, which provided an early view of the financial position the Council would be managing in the year ahead.  More would become known as the Period 2 and 3 reports became available.  He referred to the recent budget reallocation alongside a significant reorganisation and the enormous challenge of delivering in year savings of £60m in the face of increasing demand.  All Cabinet Members and budget holders would be asked to scrutinise budgets with urgent steps needed to reduce overspend and improve reserves. 

RESOLVED:

3.1. To note that the position set out in the report reflects the best information available after the first 4 weeks of the year and hence considerable uncertainty in these early estimates.

3.2. To note that at the end of Period 1 (30th April 2024), the indicative level of savings delivery is £24.974m (42%), resulting in a projected spend over budget of £13.884m for 2025/26.

3.3. To note the control corridor that the Council will be working to for 2025/26 is as follows: Adverse £39.700m overspend Central £13.884m overspend Favourable £1.422m overspend

3.4. To note the projected General Fund Balance of £0.393m for 31 March 2026 if the projected spend over budget is realised

To scrutinise financial performance at Period 1 and identify issues that may require further investigation by an overview and scrutiny committee

REPORT TO FOLLOW