Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: June 30, 2025

Purpose:

Content: The report of the Director of Finance and Transformation presented Members with the 2024/25 Financial Outturn and the current financial position to the end of May 2025 for the 2025/26 Financial Year, in accordance with the Borough Council’s Financial Procedure Rules.    A detailed revenue and capital outturn position for the year 2024/25 was provided in the Revenue and Capital Outturn Booklet attached at Annex 1.  Members were pleased with the positive revenue position for 2024/25, reported as a contribution to the Borough Council’s General Revenue Reserveof £1,109,493 after taking into account the additional reserve movements as set out in paragraph 4.3 of the report.  Given the outturn variation, additional reserve movements had been made to assist with the delivery of corporate priorities and future needs of the authority and these movements to reserve to account for the variation between the outturn and revised estimate were provided at paragraph 4.13 of the report.   Details of the movements in reserve balances as at 31 March 2025 were set out in Annex 2 and a summary of decisions taken by Cabinet and Committees with budget implications since the revenue budget was approved by Council in February 2025 to the end of May 2025 was attached at Annex 3.   Budgetary Control Monitoring Statements for Salaries and Incomes to the end of May 2025were attached for information at Annex 4 and Annex 5 respectively.  The 2024/25 revenue budget position was summarised in paragraph 5.8 of the report, which reflected a favourable net variance of £291,052 as at the end of May 2025.   With regard to Business Rates monitoring, particular reference was made to the variation of £198,640 below the original estimate of an overall net income of £4,011,309, due to an increased level of empty properties and the awaited valuations of business properties adjacent to Junction 5 of the M20.   Cllr Coffin proposed, seconded by Cllr Boughton and Cabinet   RESOLVED: That   (1)        the year end position for 2024/25 be noted and the reserve movements as shown in paragraph 4.13 be endorsed;   (2)        at the end of May 2025, a net favourable variance of circa £291k when compared to the proportion of the 2025/26 budget, as shown in paragraph 5.8 of the report, be noted; and   (3)        the current business rate pool position as at the end of May 2025, as set out in paragraph 6.2 of the report, be noted.