Issue - meetings

Report of Councillor Pat Kerry, Deputy Leader of the Council and Portfolio Holder for Strategic Leadership and Finance.

RESOLVED that:

(1)       the outturn position in respect of the 2024/25 financial year be noted.

(2)       the proposed carry forward of capital budgets detailed in Appendix 4 to the report, totalling £16.462m be approved.

REASONS FOR DECISION – During 2024/25 the Council managed its budget effectively securing a favourable financial position on net cost of services of £1.209m underspend despite a continuing challenging financial backdrop.  This underspend has meant that rather than having to call on reserves it has been possible to contribute £1.084m to the Resilience reserve at outturn from efficiencies identified during the year.

The Capital Programme saw progress on approved schemes during the 2024/25 financial year.  There were, however, a number of schemes which were work in progress and this required that the associated expenditure and funding be carried forward into the 2025/26 financial year.

OTHER OPTIONS CONSIDERED AND REJECTED – The financial outturn report for 2024/25 was primarily a factual report detailing the actual position compared to previously approved budgets, therefore there were no alternative options that needed to be considered.

This was not a Key Decision and so can be implemented with immediate effect by officers.

Cabinet considered a report which set out the outturn position of the Council for the 2024/25 financial year.

Attached to the report at Appendix 1 was the General Fund Summary Outturn 2024/25, at Appendix 2 was the General Fund Detailed Outturn 2024/25, at Appendix 3 was the HRA Summary Outturn 2024/25, and at Appendix 4 was the Capital Expenditure Outturn 2024/25.

The report stated that the Council had published its draft Statement of Accounts in respect of 2024/25 on 20 June 2025, ahead of the statutory deadline of 30 June 2025.

The report set out the summary position in respect of the General Fund, including a breakdown of variances, and that £1.084m had been contributed to the Resilience Reserve at Outturn.  The Housing Revenue Account position showed a position variance to budget of £0.105m.  The report also set out a summary of the capital expenditure and details of the proposed carry forward of capital budgets totalling £16.462m.

RESOLVED that:

(1)      the outturn position in respect of the 2024/25 financial year be noted.

(2)      the proposed carry forward of capital budgets detailed in Appendix 4 to the report, totalling £16.462m be approved.

REASONS FOR DECISION – During 2024/25 the Council managed its budget effectively securing a favourable financial position on net cost of services of £1.209m underspend despite a continuing challenging financial backdrop.  This underspend has meant that rather than having to call on reserves it has been possible to contribute £1.084m to the Resilience reserve at outturn from efficiencies identified during the year.

The Capital Programme saw progress on approved schemes during the 2024/25 financial year.  There were, however, a number of schemes which were work in progress and this required that the associated expenditure and funding be carried forward into the 2025/26 financial year.

OTHER OPTIONS CONSIDERED AND REJECTED – The financial outturn report for 2024/25 was primarily a factual report detailing the actual position compared to previously approved budgets, therefore there were no alternative options that needed to be considered.