To report the forecast position for 2024/25 at Quarter 1 (June 2024), including explanation and analysis of the drivers for the material budget variances, and to outline current and planned recovery activity to reduce the forecast overspend.

To provide assurance that progress has been made towards delivery of the agreed revenue budget and service delivery targets, and that the reasons for major variances are understood and are being addressed to the cabinet’s satisfaction.

The forecast 2024/25 outturn shows a net overspend of £10.8 million at Quarter 1, before management action estimated at £4.0 million to reduce the forecast overspend for 2024/25 to £6.8 million.

That: Cabinet

a) Review the financial forecast for 2024/25, as set out in the appendices A-D, and identifies any additional actions to be considered to achieve future improvements; and

b) Note the management action identified to reduce the forecast outturn position for 2024/25; and

c) Agree the continuation and strengthening of management actions to reduce the forecast overspend as identified in this report

Cabinet may choose to review financial performance more or less frequently; or request alternative actions to address any identified areas of variance from budget, including referral to the relevant scrutiny committee.