Issue - meetings

To consider Report No. FIN2421 (copy attached), which sets out the forecasted financial position for 2024/25 as at the end of November 2024.

The Cabinet considered Report No. FIN2421, which set out the forecasted financial position for 2024/25 as at the end of November 2024.

The Cabinet were reminded that this was the first monthly report received, which provided an update on the forecasted outturn position against approved budget for the current financial year, 2024/25. The Council had set a balanced budget with planned reserve drawdown of £4.639m and a saving target of £740k of net budget reduction in 2025/26, supported by £12.229m of available reserve. The latest forecast, as set out in the Report, showed this had been achieved, however, it was acknowledged that there were still challenges ahead to provide a balanced budget going forward.

The Cabinet RESOLVED that

i.                 the revenue budget forecast as set out in Section 3.1 of Report No. FIN2421, be noted, and

ii.                the virement listed in Section 3.12 of Report No. FIN2421, be approved.