Issue - meetings

To receive and consider the report of the Director of Finance.

1.         To note the 2024/25 forecast outturn for revenue and reserves, based on the position at 31st July 2024.

2.         To note the virements made to and from the revenue budget during the period, as detailed in Appendix 2 of the report

The Executive Leader and Executive Member (Economic Development and Public Service Reform), Councillor Alistair Bradley, presented the report of the Director of Finance which set out the provisional outturn for revenue and reserves forecast for 2024/25 for the Council, based on the position as at 31 July 2024.

The forecast outturn was for an overspend of £0,215m.  The most significant factor within this overspend was related to the ongoing income pressures at Market Walk.  A cautious approach had been taken to income forecast and these would be revised in year as updates occurred.

The Council’s Medium-Term Financial Strategy approved in February 2024, reported that the minimum level of General Fund Reserves should be maintained at £4,0m to cushion against any potential, future financial risks that may face the Council.  Based on the above forecast outturn overspend, the level of General Fund balances as at 31 March 2025 was expected to be £3,877m, however officers would monitor the position during the year and report to members accordingly.

Resolved (unanimously)

1.         To note the 2024/25 forecast outturn for revenue and reserves, based on the position at 31st July 2024.

2.         To note the virements made to and from the revenue budget during the period, as detailed in Appendix 2 of the report.

Reasons for recommendations

To ensure the Council’s budgetary targets are achieved.

Other options considered and rejected

None, it is a requirement to report quarterly on the Revenue Budget monitoring and Reserves.