Purpose

Financial outturn report for 2024-25

Decision

Resolved
 
That Cabinet
 
1)   
note the net spend in 2024-25 and the consequent residual net
revenue overspend of £1.983m (0.49% of Approved
Budget) for the organisation at the end of the year;
 
2)   
note the explanations and mitigating actions for variations to
budgets, and the implications for the Medium-Term Financial
Strategy, as set out in Appendix A;
 
3)   
approve the use of £2.234m from Earmarked Reserves to
fund the 2024-25 revenue position, as outlined in Section 5 and
Appendix E;
 
4)   
note the delivery of £9.908m (61.25%) savings in
2024-25, a shortfall of £6.269m against the target of
£16.177m, as set out in Section 4;
 
5)   
approve the re-phasing of a total of £0.246m 2024-25
revenue budget allocations into 2025-26, as outlined in Appendix
D;
 
6)   
approve the drawdown of £2.444m from the Revenue
Investment Funds to support the delivery of the Council Plan in
2025-26, as outlined in Section 6 and Appendix C;
 
7)   
note the capital spend in 2024-25 of £149.596m;
and
 
8)   
approve the reprofiling of £53.007m of Services
capital spend from 2024-25 into future years.