Purpose

To consider and note
the financial outturn reports in relation to revenue, capital and
treasury management and make rollover decisions, as appropriate,
based on the finalised financial position.

Content

RESOLVED – That
the report be referred to Council with a recommendation
that;
 
General Fund
 

1)   
Note the improved revenue outturn position of +£5.6m
overspend for 2024/25 (+£9.9m at Q3);

2)   
Note the year end position on reserves and balances of £61.0m
(excluding Statutory Reserves), particularly that the level of
general reserve remains unchanged at £25m (paragraphs 3.2.19-
22);

3)   
Approve the creation of the Strategic Budget Contingency reserve
(paragraph 3.2.21), with a balance of £3.5m at 31/3/25;
funded from the Voluntary Revenue Provision Reserve;

4)   
Note the application of the Councils flexible capital receipts
strategy to the value of £5.5m applied against eligible
transformation costs in 2024/25 thereby reducing revenue
expenditure, in accordance with the agreed budget (paragraph
3.2.32);

5)   
Note the regular monitoring and review of corporate reserves in
2025/26 to be reported to Cabinet as part of the Quarterly
financial monitoring cycle;

6)   
Note the year end deficit position on the Collection Fund of
£10.2m;
 
HRA
 

7)   
Note the HRA revenue outturn position for 2024/25 as an underspend
of £1.3m reducing the contribution to capital in 24/25 by
£1.3m. Note the year end reserves balance of £30.6m
compared to £33.9m in 23/24;
 
Capital
 

8)   
Note the Council capital outturn position at £140.6m for
2024/25

9)   
Approve the £13.7m capital slippage from 2024/25 to 2025/26
and removal of £0.4m uncommitted rollover from the Capital
Plan (paragraph 3.2.33);

10) Note the revised capital plan for the period
2025/26 onwards after taking into account the re-phasing of schemes
and additional grant funding assumptions (Appendix 4a: Summary
Capital Plan and Appendix 4b: Detailed Capital Plan); Dedicated
Schools Grant (DSG)

11)Note the cumulative
deficit on the DSG of £63.8m, an increase of £20.1m
from the previous year, and that this deficit was excluded from the
Council’s balance sheet as a result of the Statutory Override
as set out in the Local Authority Capital Finance and Accounting
Regulations. Also to note the recent two year extension to
Statutory Override, which now ends in March 2028 pending further
consultation updates from Government expected in Autumn 2025.
 
Treasury
Management
 

12)Note the Review of
Treasury Management activity for 2024/25 (Appendix 5)