Report attached.

Report Title: Council Revenue and Capital Outturn Report 2024/25

Presented by: Councillor Chris Wilkins (Cabinet Member for Finance)

Summary:

The report provides detail of the outturn position on Capital and Revenue for 2024/25 including the funding of the outturn and impact on reserves and balances.

This report includes:

·        2024/25 Revenue Outturn Position

·        Analysis of Service overspends and mitigating corporate items

·        Update on savings delivery

·        Financing and impact on reserves and balances

·        Capital Outturn position for 2024/25

1.1 This Report sets out the revenue outturn position for the Council and includes commentary on the variances to budget by service. The report also includes explanation of mitigating corporate items and explains how the outturn position will be financed.

1.2. The report also sets out the Capital outturn for 2024/25 compared to revised budget and explains the variances and slippage on the budget.

1.3. The table below sets out the final revenue outturn position of the Council which is a £30.4m overspend against the original budget without exceptional financial support. This table also provides a comparison to the Period 9 forecast which was submitted to cabinet in March

1.4 Further details of the reported departmental variances are set out in Section 4 of this report. There are then sections setting out the Corporate position, including Treasury management, HRA and Capital Outturn.

Cabinet;

2.1 Noted the revenue outturn position for the Council and the financing of the overspend (section 7 of the report)

2.2 Approved the Capital Outturn position for 24/25 as set out in section 9 of this report

2.3 Noted the outturn position for the Council’s earmarked reserves and General balances as set out in section 6 of this report

2.4 Noted the write off of debt approved by the Strategic Director of Resources as set out in paragraph 5.4