Purpose

To provide the update on the councils Revenue
Finance Outturn 24/25

Content

The Cabinet considered
a report of the Director of Corporate Services
which sought to inform of the Council’s outturn
2024/25 financial position as at the end of March 2025.
 
The Deputy Chief
Finance Officer was in attendance to
present the information and to address the questions and the
comments of the Cabinet Members.
 
The Officer informed
that the 2024/25 Revenue outturn position was a £299k in year
saving, prior to the transfer of the balance to the Equalisation
Reserve, as approved at February Cabinet. There were significant
pressures in Adult Social Care of £2,066k and
Children’s Services of £3,114k, partially offset by one
off in year savings. In year savings were primarily from Finance
Control of £3,185k along with savings from Economy and Place
£803k, Public Health and Communities £695k and
Corporate Services £796k.
 
A net overspend
of £11.850m was being reported against the Dedicated Schools
Grant due to continuing pressures on the High Needs Block as a
result of increasing cost of provision and numbers of Children
presenting with Special Educational Needs. The cumulative deficit
now stood at £23.040m.
 
Capital
expenditure outturn of £70,844k, after rephasing of £20,599k into future years. The
majority of the rephased expenditure,
£17,553k (85%) related to schemes within Economy & Place.
This was funded through grants, invest to save and prudential
borrowing. The balance of £3,046k was
funded through grants, capital receipts and prudential
borrowing.
 
The 2024/25
Collection Fund position, being a surplus of £7,299k,
including the Council’s share of £6,686k.
 
Quarter 4
updates the Property Growth Fund position as detailed in section
5.8 of the report; and the Treasury Management position, discussed
in section 5.9, and Appendix C to this report.
 
Resolved:
1.   
That the 2024/25 outturn financial positions for Revenue, Capital,
and the Collection Fund as at the end of March 2025, as detailed in
section 5 of the report be noted;
2.   
That the Budget Carry Forward and New Reserve / Transfer to
Reserves approved by the Portfolio Holder for Finance and Growth in
conjunction with the Section 151 Officer summarised in section
5.3.1 of the report be noted;
3.   
That the Budget Pressure request detailed in section 5.3.2 of the
report be approved;
4.   
That the update on the Health and Social Care Pooled Budget
detailed in section 5.4 of the report be noted;
5.   
That the net Capital budget changes of (£4,582k), detailed in
section 5.5.1 of the report be noted;
6.   
That the Capital re-phasing of £20,599k into future years
detailed in section 5.5, and Appendix B (2) to the report be
noted;
7.   
That the request to switch capital budgets as detailed in section
5.5.3 of the report be approved;
8.   
That the Collection Fund update detailed in section 5.7 of the
report be noted;
9.   
That the Property Growth Fund update in section 5.8 of the report
be noted;
10. That the Treasury Management update for
Quarter 4 in section 5.9, and Appendix C to the report be
noted.
 
Reason for
decision:
Cabinet Members
should be kept updated on the financial
position of the authority, as effective budget management would be
critical to ensuring financial resources were spent in line with
the budget and were targeted towards the Council’s
priorities.
This report
focused on the 2024/25 financial outturn position as at the end
March 2025.
 
Alternatives
considered and rejected:
There was no
alternative, as the Council financial reporting complied with
CIPFA’s Financial Management Code and its standards to ensure
management of financial resources in the short, medium and long
term, management of financial resilience to meet unforeseen demands
on services, and management of unexpected shocks within financial
circumstances.