URL: https://glostext.gloucestershire.gov.uk/ieDecisionDetails.aspx?ID=2347

Decision Maker: Cabinet

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: To provide an update on the Quarter 2 forecast for the 2024/25 County Council’s Revenue and Capital Budgets To report on the Council’s performance and risk during Quarter 2 of 2024/25

Content: Cllr Lynden Stowe and Cllr Stephan Fifield provided an update on the end of year forecast for the2024/25 County Council’s Revenue and Capital Budgets and reported on the Council’s performance and risk during Quarter 2 2024/25   Having considered all of the information, Cabinet noted the report and RESOLVED to:   1. Note the forecast revenue year end position based on quarter 2 forecasts for the 2024/25 financial year, which is an underspend of £580k. This is a favourable movement of £80k relative to Quarter 1. 2. Approve £39.408 million use of reserves, compared to a budget of £50.812 million, as summarised in Table 2 and detailed within Section A of the report. For Quarter 3, the budget figure will be updated to reflect the £39.408 million. The £39.408 million includes £27.358 million in respect of Dedicated Schools Grant, as well as a net £12.050 million in respect of Useable Revenue Reserves. The reserve movements include a transfer to General Fund Reserve of £3.788 million from favourable Technical & Countywide variances. 3. Approve, included within the reserve figures in Recommendation 2, the use of £1 million for resurfacing of roads, from the Technical & Countywide General Fund Reserve funding as detailed in paragraph 28. 4. Note the forecast delivery of £25.929 million savings against a 2024/25 target of £32.453 million, or 79.90%. 5. Approve the capital budget profile changes detailed in paragraphs 4442 to 48, and notes the quarter 2 capital expenditure forecast outturn position of £144.717 million.   6. Approve the changes to capital programme of transfers (virements) and funding increases, as detailed in paragraph 5555. 7. Notes the Prudential Indicator monitoring reported at Section D. 8. Cabinet asked to note this report of the Council’s performance and risks. To do this, the following are provided: ·       Council Strategy updates ·       Overview of Performance ·       Performance Scorecard ·       Risk Scorecard

Date of Decision: December 4, 2024