Agenda item

The Committee considered the report the Business Manager - Financial Services, which sought to provide the provisional financial outturn position for 2024/25 on the Council’s revenue and capital budgets.  The information contained in the report included: general fund revenue; housing revenue account; capital programme; provisions and impaired estimates on debtors, usable reserves and collection fund. The report provided a summary of actual income and expenditure compared to the revised budget and how any surpluses/deficits had been allocated to or from reserves.

The accounts showed a favourable variance of £1.744m on service budgets, with a total favourable variance of £3.384m which was broken down in the report.

In considering the report, a Member referred to the underspend on capital schemes/project budgets and what measures were being taken to address this.  The Business Manager advised that the budgets were reviewed quarterly with meetings being held with Project Managers, adding that the Senior Leadership Team had a corporate oversight of all major projects.    He added further that it would be difficult to assess the slippage for each individual project and how this may impact on the district. 

In closing the debate and noting the above comments, the Chair requested that Cabinet provide additional information around the variances within the capital programme.

AGREED     that the Policy & Performance Improvement Committee:

a)               note the final outturn of revenue and capital spending for 2024/25;

b)               note the capital financing proposals as set out in Table 5 at paragraph 1.19;

c)                note the capital programme reprofiling of £7.817m carried forward into 2025/26 as per appendices E and F;

d)               note the movement in provisions and impaired estimates on debtors;

e)                recommend to Cabinet approval of the creation of the new reserve, as outlined in paragraph 1.28; and

f)                  note the individual contributions to and withdrawals from, the revenue and capital usable reserves.