Issue - meetings

Report of Assistant Director of Finance (Section 151 Officer)

Purpose of report

To report to the committee the council’s financial position at the end of the financial year 2024-2025.

Recommendation

The Budget Planning Committee resolves:

1.1    To note the contents of this report.

Resolved

(1)        That the report be noted.

The Assistant Director of Finance (Section 151 Officer) submitted a report to advise of the Council’s financial positions at the end of the financial year 2024-2025.

In introducing the report, the Portfolio Holder for Finance, Property and Regeneration advised the Committee that the Councils’ capital outturn position for 2024/25 was a surplus of £162k after the proposed contributions made to reserves of £2.02million. The outturn position showed pressures of £730k which had been offset by an underspend of £2.733mil across policy contingency and executive matters.

Regarding reserves, the Portfolio Holder for Finance, Property and Regeneration explained that, subject to Executive approval, there was a closing balance of £41mil revenue and £5mil capital. Under the delegated authority outlined in the reserves policy, the Assistant Director of Finance (Section 151 Officer) had approved the contributions to and uses of capital reserves for 2024/25. This included the usage of £1.496m of capital receipts and £0.679m of capital grants unapplied which was used to support the overall funding of the capital programme. This usage reduced the Council's Capital Financing Requirement and therefore the associated ongoing Minimum Revenue Provision which was met from the revenue budget.

In response to a question by the Committee querying if the £2mil amount proposed to be moved to reserves was a one off or could become  normal practice in future years, the Assistant Director of Finance advised that this was down to good treasury management by officers however the amount was not an amount expected in future years and in the long term.

Resolved

(1)        That the report be noted.