Issue - meetings

The report presents the revenue and capital budget outturn, reserves position, dedicated schools grant outturn, housing revenue account, and results of council company and partner organisations for the financial year 2024/25.

The financial revenue outturn is a £1.2m surplus, an improvement on the reported quarter three balanced position, with this delivered in a challenging budget environment.

In February 2024 Council set a balanced budget and medium-term financial plan over the 4-year period to 31 March 2028 based on conventional local government financial management process. This addressed the inherited £30m structural deficit from using reserves rather than savings to balance the 2023/24 budget.

The non-deliverability of previous year savings was addressed, particularly those expected from the transformation investment. New fully itemised savings of £38m were programmed for 2024/25 with 86% being achieved through service transformation, third party spend reduction, staff savings and raising additional income. Mitigations have been found in other areas to reduce the impact of those unable to be delivered.

The budget recognised the ongoing cost-of-living and service demand pressures that face all local authorities and this required council tax to be increased by the maximum amount permitted by government of 4.99%, with the same increase assumed for future years.

A revised approach was taken to the annual repayment of debt with voluntary contributions made above the statutory minimum to reduce the burden for future years.