Purpose

The purpose of this report is to provide
Cabinet the Council’s outturn position for 2024-2025 compared
with approved budgets and targets and performance update against
the Our City: Our Plan priorities.

Content

1.    
That it be noted, the Council has again
managed its money well and delivered within budget. Overall, the
General Fund revenue position for 2024-2025 is a balanced budget
after making contributions to earmarked reserves and general
balances. 

  

2.    
That it be noted, the Housing Revenue Account (HRA)
revenue outturn for the year was overall within budget,
after contributing to the HRA
reserve.

 

3.    
That it be noted, the capital programme has an outturn position of
£71.1 million for the General Fund and £131.3 million
for the Housing Revenue Account (HRA). A summary of the outturn is
detailed in section 8 of the report. A full detailed report on the
Capital Outturn 2024-2025 including Quarter One Capital Monitoring
2025-2026 would be reported to Cabinet on 9 July 2025.

 

4.    
That it be noted, reserves and provisions held by the Council as at
31 March 2025 are included under a separate report on this agenda.
The outturn position detailed in this report assumes that the
year-end reserve approvals outlined in the Reserves and Provision
report are approved.

 

5.    
That it be noted, the Deputy Director of Finance had approved
write-off of debts against the expected credit loss provision as
detailed in Appendix 5 to the report.

 

6.    
That it be noted, a large amount of the performance data published
in the report is internal data which is going through the process
of being ratified by national bodies such as the Department for
Education, OFSTED and Public Health England. When this process has
been completed, further updates would be provided to Councillors
giving clear comparisons to regional, statistical and national
average performance.

 

7.    
That the write-off of debts against expected credit loss provision
as detailed in Appendix 5 to the report be approved.

 

8.    
That the updated Strategic Risk Register as detailed in Appendix 6
to the report be approved.

 

9.    
That the delegation to the Deputy Director of Finance and Deputy
Director of City Housing to approve virements in respect of budgets
in relation to the Homeless services and Housing Improvement Agency
that transferred back to the General Fund from Wolverhampton Homes
on 1 April 2025, as detailed in paragraph 3.69 of the report be
approved.

 

10. 
That  the delegation to the Section 151
Officer to approve virements in relation to identified savings in
2025-2026, as detailed in paragraph 4.6 of the report be
approved.