Purpose

This report provides the
Executive with details of the capital and treasury management outturn for
2024/25 to comply with the reporting requirements of the Code of Practice for
Treasury Management. The report also seeks approval for the proposed methods of
financing the General Fund capital programme.

 

Executive summary: Actual capital
expenditure on General Fund schemes in 2024/25 was £13,370,221 (£31.2 million
in 2023/24) compared with the revised capital programme
of £15,511,300. Overall the programme has been
underspent by £2,141,079. A detailed analysis of the variations is given in
Appendix A to this report.

 

Total savings from individual
projects of £263,245 were achieved, additional expenditure of £506,335 on
others was incurred and a total of £2,384,169 will be carried forward into
2025/26. Details of the various methods used to finance this expenditure are
set out in this report.

 

Full details of Treasury
Management investment and borrowing activity in 2024/25 are also set out in
this report and is summarised below. This shows that
there has been a slight decrease in the Council’s net borrowing position.

 

 


31 March 2024
Actual
£’000


2024/25 Movement
£’000


31 March 2025
Actual
£’000




Total borrowing


64,589


(2,753)


61,836




Total investments


(13,588)


(3,915)


(17,503)




Net borrowing


51,001


(6,668)


44,333

 

Net interest received from
investments in 2024/25 was £57,388 and net interest paid on borrowing for the
HRA was £2,011,719 The overall investment property portfolio increased in value
by £103,000 and contracted income was approximately £4,890,000. During 2024/25,
the Council complied with its legislative and regulatory requirements of the
Prudential Code.

Decision

RESOLVED that the Executive:-

 

(a)  approves
that the General Fund capital programme for 2024/25
be financed as set out in this report;

 

(b)  agrees
that the additional expenditure incurred, amounting to £506,335

be financed retrospectively from
unallocated capital resources; and

 

(c)  notes
the treasury management activity for 2024/25.