Purpose

This report to Cabinet sets out the 2024/25
draft outturn position for Revenue, Capital, Housing Revenue
Account (HRA) & Dedicated Schools Grant (DSG)

Decision

DECISION: The Cabinet agreed to:
 

     
I.        
Approve the new risk reserves targets as set out in paragraphs 37
to 41.

   
II.        
Approve the £10.7m transfer to risk reserves if government
approve the final plans to fund overspends by proceeds from sold
assets, of which £1.5m to be transferred to the General Fund
balance.

  
III.        
Approve the carry forward of £34.0m unspent capital budget
from 2024/25 to the 2025/26 capital programme, under authority
delegated by Council (KD5769) (Appendix H).

 
IV.        
Approve a revised 2025/26 capital programme budget of £521.6
m (Appendix J), including the transfer of net £1.9m from
pipeline programme (Appendix K) under authority delegated by
Council (KD5769).

   
V.        
Delegate authority to the Executive Director of Resources (S151
Officer) to agree any required adjustments to the final position to
be reflected in the 2024/25 Statement of Accounts that are planned
for final publication in the autumn following the external audit by
Grant Thornton.

 
VI.        
Note an overall overspend of £6.1m after use of specific
reserves (such as in Adult Social Care) and offsetting underspends
in the General Fund.

VII.        
Note the £20m of demand-led overspends will be funded by
assets that have been sold in the last year (known as
‘Exceptional Financial Support’) if the government
issues a final ‘capitalisation direction’.

VIII.        
Note the progress of delivery in the 2024/25 savings programme
(paragraph 45 to 49).

 
IX.        
Note risk reserves of £12.6m compared to the Minimum
Threshold Balances target of £43.3m before application of
EFS; risk reserves of £32.6m after application of EFS.

   
X.        
Note the in-year net overspend for Dedicated Schools Grant of
£2.7, resulting in a cumulative deficit of £17.4m.

 
XI.        
Note the capital expenditure during 2024/25 was £305.4m,
consisting of £45.6m general fund core services, £78.1m
Meridian Water, £17.8m loans to companies, £117.1m HRA
and £46.8m on 10-year temporary accommodation leases.

XII.        
Note the HRA outturn position shows an overspend of £3.5m
spend against the approved budget, which will be funded from HRA
reserves and which have been built up to enable a response to
demand and cost pressures experienced in the year.