Issue - meetings

As detailed in the recommendations.

Councillor Johnson introduced the report which provided the first overview of the budget monitoring position for the 2024/25 financial year.  At this early stage only financial risks had been highlighted within the report.

The ability to mitigate risks during the financial year would again centre on review and challenge of delayed and deferred spend, maximising income streams and grant funding.  As reported previously, a moratorium on non-contractually committed spend was put in place during 2023/24 alongside a vacancy management process with the aim of reducing in-year expenditure to ‘dampen’ the projected overspend and this would continue into 2024/25.

The Base Level Reserves had been increased to £8.985m by using the remaining balance of £3.216m of the COVID-19 Hardship Fund Reserve from 2023/24.  In addition, there was an amount of £3m available which was approved as a “Budget Risk” Reserve.

A full detailed monitoring report would be provided in September which would include a projection on the overall financial position for 2024/25.

Councillor Johnson reported that there was no feedback to provide from the Corporate Resources Overview & Scrutiny Committee, who considered the report on the 19^th July, 2024.

RESOLVED:

(a)       That Cabinet note the report and the potential financial risks on the 2024/25 budget; and

(b)       That Cabinet note the allocations of £0.200m from the Contingency Reserve for Cambrian Aquatics and £0.277m for Free School Meals holiday provision – Paragraph 1.14 refers.