Issue - meetings

1.    To note the General Fund financial forecast variance at Month 2 and mitigating actions to reduce the overspend forecast variance position (Table 1 and Appendix 1).

2.    To note progress on delivering the 2024/25 agreed budget savings (Appendix 3).

3.    To note the HRA forecast (paragraph section 13 to 15 and Appendix 2).

Councillor Rowan Ree introduced the report looking at spending as of Month 2 of the current financial year. The report noted a forecast overspend with mitigation measures in place. All budgets across the Council would continue to be monitored over the course of the financial year.

Councillor Adronie Alford expressed her concerns for the HRA if the contingencies failed to work due to the ongoing problems with the repairs works which was a large and undefined debt coming out of the HRA. She was also concerned by the rising cost of homelessness and temporary accommodation.

The Leader stressed that these were also their concerns, and they were determined to have the best Council Housing in Britain. He added that Councillor Umeh’s leadership on Housing had been outstanding and together with Councillor Ree, ensuring the finance was robust, they had managed to get both the HRA, the repairs and the housing service in a much better state. He added that they would need to have different settlements on the temporary accommodation budget and its approach to homelessness.

AGREED UNANIMOUSLY BY THE CABINET MEMBERS:

1.    To note the General Fund financial forecast variance at Month 2 and mitigating actions to reduce the overspend forecast variance position (Table 1 and Appendix 1).

2.    To note progress on delivering the 2024/25 agreed budget savings (Appendix 3).

3.    To note the HRA forecast (paragraph section 13 to 15 and Appendix 2).