Decision details

The report presents the revenue and capital outturn for 2024/25.

(1)  To note the revenue budget outturn on budget position for 2024/25, after allowing for carry forwards and transfers to reserves.

(2)  To approve the revenue carry forward proposals listed in the tables in paragraph 3.6 of the report.

(3)  To approve that all other over budgets are written off as an exception to the Budget Management Rules for 2024/25.

(4)  To approve the transfer of £0.21m from corporate earmarked reserves.

(5)  To note the revenue virements for 2024/25 reported for information in Appendix 2(i) of the report.

(6)  To note the reserve positions and the use of flexible capital receipts shown in paragraphs 3.17 to 3.19 of the report.

(7)  To note the outturn position of the 2024/25 capital programme in paragraph 3.33, and the funding outlined in paragraph 3.36 of the report.

(8)  To approve the capital rephasing and write-off of net underspends as listed in Appendix 3. This reflects the outturn spend position on projects against final budgets as detailed in Appendix 4(ii) of the report.

The report presents the revenue and capital outturn for 2024/25, highlighting a material improvement in the position at year end with a minor adverse revenue outturn position of £0.21m after allowing for agreed transfers to/from reserves and carry forwards. This is an improvement of £0.77m from the reported position in the Quarter 3 forecast.

The carry-forward of specific revenue budget items to 2025/26 and write-off of revenue over budgets is necessary where recovery in future years would have an adverse impact on continuing service delivery.

The £0.21m adverse variance is funded from the Revenue Budget Contingency earmarked reserve to give an on-budget position.

The option to carry forward over budgeted spend could be considered which would mean that services would have to make up any deficits in 2025/26 with a considerable impact on service delivery especially in light of the challenging economic environment in 2025/26 and possibly beyond.