Issue - meetings

Report of Assistant Director Finance (Section 151 Officer)

Purpose of report

To report to Executive the council’s forecast financial position as at the end of the November 2024.

Recommendations

The Executive resolves:

1.1         To consider and note the contents of the council’s financial management report as at the end of November 2024.

1.2         To approve the reprofiling of capital projects beyond 2024/25 (section 4.2.3 and Appendix 1) and the subsequent update to the programme budget for this financial year 2024/25.

1.3         To approve to virement of £1.031m from Policy Contingency to services for the Cost of Living award for 2024/25 as agreed in November.

1.4         To approve the allocation of £0.500m Policy Contingency to cover the cost of appeals.

Resolved

(1)          That the contents of the council’s financial management report as at the end of November 2024 be noted.

(2)          That the reprofiling of capital projects beyond 2024/25 (section 4.2.3 and Appendix 1 of the report) and the subsequent update to the programme budget for this financial year 2024/25 be approved.

(3)          That the virement of £1.031m from Policy Contingency to services for the Cost of Living award for 2024/25 as agreed in November be approved.

(4)          That the allocation of £0.500m Policy Contingency to cover the cost of appeals be approved.

The Assistant Director of Finance (Section 151 Officer) submitted a report to report to Executive the council’s forecast financial position as at the end of the November 2024.

Resolved

(1)            That the contents of the council’s financial management report as at the end of November 2024 be noted.

(2)            That the reprofiling of capital projects beyond 2024/25 and the subsequent update to the programme budget for this financial year 2024/25 be approved.

(3)            That the virement of £1.031m from Policy Contingency to services for the Cost of Living award for 2024/25 as agreed in November be approved.

(4)            That the allocation of £0.500m Policy Contingency to cover the cost of appeals be approved.

Reasons

The report updates Executive on the projected year-end financial position of the council for 2024/25. Regular reporting is key to good governance and demonstrates that the council is actively managing its financial resources sustainably.

Alternative options

Option 1: This report summarises the council’s forecast financial position up to the end of March 2025, therefore there are no alternative options to consider.