Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: May 27, 2025

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.