Agenda item

That Cabinet:

(a)     note the General Fund projected favourable outturn variance of £0.250m;

(b)    note the Housing Revenue Account projected favourable outturn variance of £0.500m to the Major Repairs Reserve;

(c)     approve the variations to the Capital Programme at Appendix E;

(d)    approve the Capital Programme revised budget and financing of £42.162m; and

(e)     note the Prudential indicators at Appendix H.

The Assistant Business Manager - Financial Services presented a report which detailed the forecast outturn position, as at 31 December 2024, for the 2024/25 financial year for the Council’s General Fund and Housing Revenue Account revenue and capital budgets. The report detailed performance against the approved budget estimates of revenue expenditure and income; report on major variances from planned budget performance; and report on variations to the Capital Programme for approval; all in accordance with the Council’s Constitution.

Members noted a projected favourable variance on Service budgets against the revised budget of £1.023m, with an overall favourable variance of £0.250m to be transferred to General Fund reserves. The favourable variance of £1.023m on service budgets managed by business managers represented  4.71% of the total service budgets. The Council had been fully compliant with all prudential indicators during the reporting period.

AGREED (unanimously) That Cabinet:

(a)     note the General Fund overall projected favourable outturn variance of £0.250m;

(b)    note the Housing Revenue Account overall projected favourable outturn variance of £0.500m to the Major Repairs Reserve;

(c)     approve the variations to the Capital Programme at Appendix E;

(d)    approve the Capital Programme revised budget and financing of £42.162m; and

(e)     note the Prudential indicators at Appendix H.

Reasons for Decision:

To consider the forecast outturn position for the 2024/25 financial year for the Council’s General Fund and Housing Revenue Account revenue and capital budgets.

To show performance against the approved estimates of revenue expenditure and income; report on major variances from planned budget performance; and report on variations to the Capital Programme for approval; all in accordance with the Council’s Constitution.

Options Considered:

Not applicable.