Agenda item

This report presents information and analysis to the Committee on the council’s financial performance against the approved budget and its forecast use of resources for the financial year 2024/25.  This report also informs the Committee on the delivery of planned savings for the financial year 2024/25 and serves as a mechanism for any finance approvals or adjustments that are required to the council’s approved budget.

The Committee RESOLVED:

To note:

1. The council’s General Fund forecast outturn revenue overspend of £19.7 million at P5/Q2 2024/25 against the council approved budget of £533.7 million.

2. In-year measures to reduce this financial pressure.

3. The Quarter 2 technical virements (Appendix A1a, Section 3, Tables 3a to 3d).

4. The performance on delivery of savings (Appendix A1a, Section 4, Tables 4a and 4b).

5. The additional weighted net risk of £7.8 million per the risks and opportunities register (Appendix A1a, Section 5, Tables 5a and 5b)

6. The council’s outturn position of £14.8 million overspend within the Housing Revenue Account to be transferred to the HRA general reserve at the year end (Appendix A1a, Section 6.4).

7. The council’s outturn position of a £31.7 million overspend (net £15.0m) in the Dedicated Schools Grant and that this brings the carry forward deficit to £90.3 million. Following the application of the DfE’s 24/25 Safety Valve combined with contribution from the General Fund a total £52.2 million is forecast to be carried forward at the year end in the DSG deficit reserve (Appendix A1a, Section 6.5).

8. The breakeven position on Public Health services (Appendix A1a, Section 6.6).

9. The breakeven position on the Bristol Harbour Fund. (Appendix A1a, Section 6.7).

10. The current planned flexible use of £12.0 million capital receipts (Appendix A1b, Section 3).

11. The current levels of outstanding debt (Appendix A1a, Section 7.9).

12. Current balance sheet risks (Appendix A1b, Section 8).

13. The council’s forecast underspend of £70.7 million against the Capital Programme revised budget 2024/25, comprised of £42.7 million underspend on the General Fund and £28.0 million underspend on the HRA. (Appendix A1b, Section 1) and notes that there will be further Capital Programme deep dive reviews in September (Appendix A1b, Section 1.9).

14. The Executive Director for Growth and Regeneration’s decision to return unspent capital grant allocation of £0.895m to Homes England and that this has no consequent budget impact (either capital or revenue).

To approve (unanimous vote):

- Revisions to the revised Capital Budget to incorporate the reprofiling of £57.3 million budget into future years following both the total £70.7 million forecast underspend at Q2/P5, with the exception of Baltic Wharf and Hengrove Future Phases (Hengrove 1B) which are subject to review.

The Committee considered a report (agenda item 11) presenting information and analysis on the Council’s financial performance against the 2024/25 approved budget and its forecast use of resources for the current financial year. The report also provided an update on the in-year delivery of planned savings.

The Chair moved the report recommendations, noting that there were 14 recommendations for noting by the Committee and 1 recommendation for approval.

This was seconded by Cllr Gooch.

In relation to the recommendation for approval, Cllr Rippington moved the following amendment:

That the recommendation for approval be amended to read as follows:

‘To approve:

Revisions to the revised Capital Budget to incorporate the reprofiling of £57.3 million budget into future years following both the total £70.7 million forecast underspend at Q2/P5, with the exception of Baltic Wharf and Hengrove Future Phases (Hengrove 1B) which are subject to review.’

This was seconded by Cllr King.

On being put to the vote, the amendment was CARRIED (unanimous vote).

The Committee then RESOLVED:

To note:

1. The council’s General Fund forecast outturn revenue overspend of £19.7 million at P5/Q2 2024/25 against the council approved budget of £533.7 million.

2. In-year measures to reduce this financial pressure.

3. The Quarter 2 technical virements (Appendix A1a, Section 3, Tables 3a to 3d).

4. The performance on delivery of savings (Appendix A1a, Section 4, Tables 4a and 4b).

5. The additional weighted net risk of £7.8 million per the risks and opportunities register (Appendix A1a, Section 5, Tables 5a and 5b).

6. The council’s outturn position of £14.8 million overspend within the Housing Revenue Account to be transferred to the HRA general reserve at the year end (Appendix A1a, Section 6.4).

7. The council’s outturn position of a £31.7 million overspend (net £15.0m) in the Dedicated Schools Grant and that this brings the carry forward deficit to £90.3 million. Following the application of the DfE’s 24/25 Safety Valve combined with contribution from the General Fund a total £52.2 million is forecast to be carried forward at the year end in the DSG deficit reserve (Appendix A1a, Section 6.5).

8. The breakeven position on Public Health services (Appendix A1a, Section 6.6).

9. The breakeven position on the Bristol Harbour Fund. (Appendix A1a, Section 6.7).

10. The current planned flexible use of £12.0 million capital receipts (Appendix A1b, Section 3).

11. The current levels of outstanding debt (Appendix A1a, Section 7.9).

12. Current balance sheet risks (Appendix A1b, Section 8).

13. The council’s forecast underspend of £70.7 million against the Capital Programme revised budget 2024/25, comprised of £42.7 million underspend on the General Fund and £28.0 million underspend on the HRA. (Appendix A1b, Section 1) and notes that there will be further Capital Programme deep dive reviews in September (Appendix A1b, Section 1.9).

14. The Executive Director for Growth and Regeneration’s decision to return unspent capital grant allocation of £0.895m to Homes England and that this has no consequent budget impact (either capital or revenue).

To approve (unanimous vote):

- Revisions to the revised Capital Budget to incorporate the reprofiling of £57.3 million budget into future years following both the total £70.7 million forecast underspend at Q2/P5, with the exception of Baltic Wharf and Hengrove Future Phases (Hengrove 1B) which are subject to review.