Issue - meetings

1. To delegate authority to the Executive Director of Finance and Corporate Services, in consultation with the Cabinet Member for Finance and Reform, to take all decisions necessary to facilitate the closing of the final accounts.

2. To note the General Fund financial forecast variance at Month 9 and mitigating actions to reduce the overspend forecast variance position (Table 1 and Appendix 1).

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

4. To note the HRA forecast (paragraph section 9 to 11 and Appendix 2).

5. To note and approve the budget movements (Appendix 4).

Councillor Rowan Ree, Cabinet Member for Finance and Reform, introduced the report which presented the third provisional outturn position for 2024/25 at Month 9 (December 2024). He noted the forecast General Fund overspend was down to £1.1m and anticipated this would come down further over the period. Despite the challenging fiscal environment, both the General Fund and Housing Revenue Account budgets were forecast to be balanced at the end of the year.

Councillor Adroine Alford, Opposition Spokesperson for Housing, addressed the meeting and said she welcomed the news that the Housing Revenue Account was forecast to be balanced by the end of the year, noting that she would continue to scrutinise and monitor it closely.

Councillor Stephen Cowan, Leader of the Council, thanked Councillor Ree and finance officers for their stewardship of the Council’s finances. He stressed the importance of careful financial management that allowed Hammersmith & Fulham to deliver services that other Council’s couldn’t, such as free Home Care and free breakfasts for primary school children, while having the third lowest council tax in the country. He said he was grateful for the hard work that made that possible.

AGREED UNANIMOUSLY BY THE CABINET MEMBERS:

1.    To delegate authority to the Executive Director of Finance and Corporate Services, in consultation with the Cabinet Member for Finance and Reform, to take all decisions necessary to facilitate the closing of the final accounts.

2.    To note the General Fund financial forecast variance at Month 9 and mitigating actions to reduce the overspend forecast variance position (Table 1 and Appendix 1).

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

4.    To note the HRA forecast (paragraph section 9 to 11 and Appendix 2).

5.    To note and approve the budget movements (Appendix 4).