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The report of the Director of Finance and
Transformation presented Members with the 2024/25 Financial Outturn
and the current financial position to the end of May 2025 for the
2025/26 Financial Year, in accordance with the Borough
Council’s Financial Procedure Rules. 
 
A detailed revenue and capital outturn
position for the year 2024/25 was provided in the Revenue and
Capital Outturn Booklet attached at Annex 1.  Members were pleased with the positive revenue
position for 2024/25, reported as a contribution to the Borough
Council’s General Revenue Reserveof £1,109,493 after
taking into account the additional
reserve movements as set out in paragraph 4.3 of the
report.  Given the outturn variation,
additional reserve movements had been made to assist with the
delivery of corporate priorities and future needs of the authority
and these movements to reserve to account for the variation between
the outturn and revised estimate were provided at paragraph 4.13 of
the report.
 
Details of the movements in reserve balances
as at 31 March 2025 were set out in
Annex 2 and a summary of decisions taken by Cabinet and Committees
with budget implications since the revenue budget was approved by
Council in February 2025 to the end of May 2025 was attached at
Annex 3.
 
Budgetary Control Monitoring Statements for
Salaries and Incomes to the end of May 2025were attached for
information at Annex 4 and Annex 5 respectively.  The 2024/25 revenue budget position was summarised
in paragraph 5.8 of the report, which reflected a favourable net
variance of £291,052 as at the end of May 2025.
 
With regard to
Business Rates monitoring, particular
reference was made to the variation of £198,640 below
the original estimate of an overall net income of £4,011,309,
due to an increased level of empty properties and the awaited
valuations of business properties adjacent to Junction 5 of the
M20.
 
Cllr Coffin proposed, seconded by Cllr
Boughton and Cabinet
 
RESOLVED: That
 
(1)       
the year end position for 2024/25 be noted and the reserve
movements as shown in paragraph 4.13 be endorsed;
 
(2)       
at the end of May 2025, a net favourable variance of circa
£291k when compared to the proportion of the 2025/26 budget,
as shown in paragraph 5.8 of the report, be noted; and
 
(3)       
the current business rate pool position as at the end of May 2025,
as set out in paragraph 6.2 of the report, be noted.