Decision
Analysis
outcome: The Cabinet approved the net projected year-end drawdown of reserves to support the in-year position.
summary: The decision at stake is the projected position of the Council's revenue budgets for 2024/25 and potential in-year adjustments.
topline: The Cabinet has decided to approve in-year adjustments to the Council's revenue budgets for 2024/25.
reason_contentious: This issue may be contentious as it involves financial decisions that could impact services and potentially lead to cuts or changes.
affected_stakeholders: ["Council members", "Council staff", "Local residents"]
contentiousness_score: 5
political_party_relevance: There are no explicit mentions of political parties in the decision.
URL: https://modgov.lbbd.gov.uk/internet/ieDecisionDetails.aspx?ID=4287
Decision Maker: Cabinet
Outcome: Approved
Is Key Decision?: Yes
Is Callable In?: Yes
Purpose: The Cabinet will be asked to consider the projected position of the Council’s revenue budgets for 2024/25 and, if necessary, consider proposals for in-year adjustments aimed at achieving an accurate and balanced budget position at the year end.
Content: The Cabinet will be asked to consider the projected position of the Council’s revenue budgets for 2024/25 and, if necessary, consider proposals for in-year adjustments aimed at achieving an accurate and balanced budget position at the year end. Cabinet resolved to: (i) Note the projected break-even revenue forecast at Period 2 for the General Fund for the 2024/25 financial year, as set out in sections 2 and 3 and Appendix A of the report; (ii) Approve the net projected year-end drawdown of £11.95m reserves to support the in-year position; (iii) Note the projected £0.374m revenue underspend forecast for the Housing Revenue Account, as set out in section 6 and Appendix A of the report; (iv) Note the projected returns for the Investment and Acquisition Strategy as set out in section 4 and Appendix A of the report; (v) Note the movement in Reserve drawdown as indicated in section 5 of the report and that the Cabinet shall be asked to approve the drawdown of reserves to support any overspends at final outturn (post March 2024), subject to finalisation of the actual spend against budget; and (vi) Note the period 2 Capital Monitoring update as set out in section 7 and Appendix A of the report.
Date of Decision: July 23, 2024