Purpose

To advise Cabinet of the revenue and capital
outturn for 2024/25.
To seek approval for any revenue budget transfers and requested
changes to the Capital Investment Programme and to note the
Infrastructure Funding Statement 2024/25.

Content

The Cabinet considered a report
of the Executive Director (Finance and Resources) presenting the
provisional revenue outturn for 2024/25 and the indicative level of
revenue balances going into 2025/26.
 
Resolved:
 
1. That the provisional 2024/25
revenue outturn position for both the General Fund and Housing
Revenue Accounts (HRA), as set out in the submitted report, be
noted and the agreement of any final adjustments following the
completion and audit of the Statement of Accounts be delegated to
the Executive Director (Finance and Resources).
 
2. That the potential revenue
impact of the 2024/25 outturn on the 2025/26 General Fund budget
and Medium Term Financial Strategy, as
set out in the report, be noted.
 
3. That it be noted that the
expenditure on the capital investment programme for 2024/25
totalled £43.697M against a revised budget of
£50.949M.
 
4. That the results of the
ongoing review of the affordability and prioritisation of the
current approved Capital Investment Programme, be noted.
 
5. That the content of the
Infrastructure Funding Statement 2024/25, as set out at Appendix 3
to the report, be noted and the carry forward of CIL Main Fund
receipts from reported year 2024/25 and previous reported years
until the CIL Governance Framework and spending plans are reviewed
for the reported year 2025/26, or Cabinet authorises any detailed
spending proposals, be approved.
 
6. That authority be delegated
to the Executive Director (Environment and Place), in consultation
with Ward Members and the Cabinet Member (Planning and Housing) to
agree how the CIL Ward Neighbourhood Allocations received up until
31 March 2025 (excluding allocation to Leigh Town Council) are to
be spent.
 
Recommended:
 
7. That the appropriation of
revenue funds to and (from) earmarked reserves, as set out in the
report, be approved.
 
8. That the relevant budget
carry forwards and accelerated delivery requests for the Capital
Investment Programme totalling a net £6.540M moving into
2025/26 and future years, as set out at Appendix 1 to the report,
be approved.
 
9. That the virements,
reprofiles, additions, deletions, new external funding for schemes
and transfers from the ‘subject to viable business
case’ section of the programme, as set out at Appendix 1 to
the report, be approved and it be noted that this will result in an
amended Capital Investment Programme of £174.199M for the
five-year period from 2025/26 to 2029/30, as set out at Appendix 2
to the report. (This is with the exception
of £0.766M for the demolition of the Chalkwell Ramp and its replacement with a temporary
access, which is subject to approval under the separate
Chalkwell Ramp report at Minute 15
above).
 
Reasons for
decisions:
 
1. To provide Cabinet with the
provisional revenue and capital outturn position for
2024/25.
 
2. As part of the year end
processes, Cabinet is required to approve any appropriations to or
from earmarked reserves. This report fulfils that
purpose.
 
3. Cabinet is required to
approve capital budget carry forwards, accelerated delivery
requests and in year amendments to the current approved
programme.
 
Other options:
 
This is a factual report
setting out the 2024/25 outturn and is a reporting requirement of
good financial governance and follows and complies with the good
practice identified with CIPFA’s Financial Management Code
which became mandatory from 2021/22.  Changes could be made to
the amounts appropriated to and from earmarked reserves, which
would result in a compensating adjustment to the amount taken to or
from general reserves.
 
Note: This is an Executive
Function save that the decisions in Resolutions 7 to 9above
constitute a Council Function.
Cabinet Members: Cllr Cowan and
Cllr Collins
Not eligible for
call-in