Decision details

The Cabinet Member for Finance and Transformation presented the report which outlined an update on the forecast revenue outturn position, forecast savings position, forecast capital outturn position, forecast collection fund position and forecast for the housing revenue account as at 31^st December for the third quarter of the financial year (October to December 2024).

Councillor Bernstein sought assurance the regarding the underspend and the external audit fees. In response Councillor Thorpe, Cabinet Member for Finance and Transformation advised that areas that are more unpredictable such as children’s and adult’s social care services are currently managed but things can change. In relation to Audit fees, Cllr Thorpe did advise that he will seek a response.

Decision:

The Cabinet:

• Note the 2024/25 forecast revenue outturn position as at 31 December 2024 of a £2.660m overspend (1.19%) against a net budget of £224.480m.
• Note the 2024/25 forecast savings position as at 31 December 2024 of a forecast underachievement of £77k (-1.21%) against an agreed target of £6.345m.
• Approve the in-year updates and re-phasing of the capital programme, revising the capital delivery programme for 2024/25 to £79.174m which will form the basis for future in-year monitoring and reporting of performance.
• Note the 2024/25 forecast Collection Fund Position as at 31 December 2024 of a surplus of £0.986m of which £0.786m relates to Bury’s share.
• Approve the revised Housing Revenue Account (HRA) budget of a £6.239m surplus before appropriations following the work undertaken to integrate the Six Town Housing budgets and management structure into the HRA.

Reason for the decision:

• To update members on the Council’s budgetary position and actions taken or being taken to ensure budgetary targets are achieved.

• This report is in accordance with the Council’s financial procedure regulations.

Other options considered and rejected:

Not applicable.