Decision - Targeted Budget Management (TBM) 2024/25: Month 2 (May) Targeted Budget Management (TBM) 2024/25 Month 2 (May) and Council Productivity Plan Response

This report presents the 2024-25 in-year financial performance to Month 2 (May) for noting by Cabinet and seeks approval for any capital variations, reprofiling, exception measures or new reserves. The report also seeks approval of the approach for setting the annual revenue and capital budget for 2025-26 and agreement of the council's Productivity Plan.

1)             Cabinet notes the forecast risk position for the General Fund, which indicates a potential forecast overspend risk of £10.137m.

2)             Cabinet notes the forecast outturn includes a forecast overspend risk of £1.600m on the NHS managed Section 75 services.

3)             Cabinet notes the forecast overspend risk for the separate Housing Revenue Account (HRA), which is an underspend of £0.020m.

4)             Cabinet notes the forecast overspend risk for the ring-fenced Dedicated Schools Grant, which is an overspend of £0.456m.

5)             Cabinet notes the forecast position on the Capital Programme which is an underspend variance of £0.339m.

6)             Cabinet approves the capital budget variations and re-profiling requests set out in Appendix 5.

7)             Cabinet approves the new capital schemes requested in Appendix 6.

8)             Cabinet notes the Treasury Management Update as set out in Appendix 7.

9)             Cabinet notes the council’s Productivity Plan response at Appendix 8.