Purpose

The report outlines the General Fund Revenue and Capital outturn for the financial year 2024/25 and summarises the Reserve balances as at 31 March 2025. It also considers the General Fund Revenue outturn for 2024/25 and to approve the Revenue and Capital Budget carry forwards. The report also provides a statement of the year-end financial position and progress with approved capital investment projects.

Decision

Cabinet has considered and reviewed the report and appendices as presented and:

General Fund (GF): Revenue

(a) Noted the provisional General Fund revenue outturn for 2024/25, as summarised at Appendix A.

(b) Noted the key factors which have led to the underspend in the provisional 2024/25 General Fund Revenue outturn, noting the explanations provided for the variances compared to the revised 2024/25 revenue budget.

(c) Approved the carry forwards of £20,540 in relation to General Fund revenue projects which were not undertaken during the year as planned.

GF: Review of Reserves

(d) Noted the estimated balance of Reserves of £35.315 million as at 31 March 2025.

GF: Capital

(e) Noted the 2024/25 General Fund Capital provisional outturn of £27.707 million.

(f)   Noted the General Fund Capital Programme schemes as shown in Appendix B.

(g) Approved the carry forwards of £8.164 million in relation to General Fund capital projects due mainly to slippage.

(h)  Noted that a full review of the Capital Programme will be submitted to Cabinet at its December 2025 meeting to include re-phasing of the existing programme and new Capital bids for the next budget cycle.