The Group Finance Director has submitted a report to Cabinet to note the update to the Cabinet on the financial outturn for the year ending 31 March 2025.

Cabinet is recommended to:

1.    Note the financial outturn and performance of the Council for the year 2024/25 and the recommended transfer of £1.549 million from the risk reserve; and

2.    Agree the carry forward requests in respect of the General Fund of £0.083 million in accordance with paragraph 6.

Cabinet resolved to:

1. Note the financial outturn and performance of the Council for the year 2024/25 and the recommended transfer of £1.549 million from the risk reserve; and
2. Agree the carry forward requests in respect of the General Fund of £0.083 million in accordance with paragraph 6.

The Group Finance Director had submitted a report to Cabinet to note the update to the Cabinet on the financial outturn for the year ending 31 March 2025.

Councillor Turner introduced the report, commenting on its usefulness in reviewing both successes and challenges, as well as lessons learned for setting the budget for the coming year. He acknowledged the need to transfer some amount from the reserves particularly in light of the significant pressures arising from temporary accommodations in the past year. He noted that the budget for this had now been increased, recognising that the homelessness crisis remains a pressing issue in the city. Councillor Turner also drew attention to issues surrounding housing benefit and supported accommodation, describing these as an unwelcome policy quirk which would benefit from review. With respect to the HRA account, he highlighted a one-off income from disposal while also noting the ongoing challenge of repair costs, which he advised would need to be closely monitored and addressed. Turning to the Capital Programme, the councillor acknowledged inevitable slippage but expressed confidence that the Council’s monitoring and planning processes in this area had improved. Lastly, he provided assurance that the Finance Team was carefully estimating likely capital expenditure, at levels lower than the total capital programme, to ensure the Council did not unnecessarily held funds in reserve and thereby incur avoidable interest costs.

Cabinet resolved to:

1. Note the financial outturn and performance of the Council for the year 2024/25 and the recommended transfer of £1.549 million from the risk reserve; and
2. Agree the carry forward requests in respect of the General Fund of £0.083 million in accordance with paragraph 6.