Agenda item

59.1

59.2

59.2

The Finance and Performance Policy Committee considered a report of the Director of Finance and Commercial Services which noted the Council’s projected overspend of £34 million for the 2024-25 fiscal year, approximately 7% of the net revenue budget. It stated that in order to address the factors contributing to the overspend, Housing, Homelessness, Adults and Children Social Care and SEN home-to-school transport, the Future Sheffield programme was being focused on. The report highlighted the assistance provided to Local Government from Central Government within the recent budget and stated that the net impact to the Council’s budget would be more certain after the Local Government Funding Settlement, due in December 2024.

The Director of Finance and Commercial Services gave an overview of the report, and the Finance Manager detailed how the budget had altered since the Q1 Budget Monitoring report.

RESOLVED UNANIMOUSLY: That the Finance and Performance Policy Committee: -

-       Notes the updated information on the 2024/25 Revenue Budget Outturn as described in this report including the detailed Committee budget monitoring information and management actions provided.

59.3

Reasons for Decision

59.3.1

To formally record changes to the Revenue Budget.

59.4

Alternatives Considered and Rejected

59.4.1

The Council is required to both set a balanced budget and to ensure that in-year income and expenditure are balanced. No alternatives were considered.