To enable Cabinet to consider a recommendation submitted to it by the Resources and Services Overview & Scrutiny Committee in relation to the Financial Outturn 2024/25, together with the response of the Portfolio Holder for Corporate Finance & Governance thereto.

RESOLVED that the recommendation made by the Resources and Services Overview & Scrutiny Committee be welcomed and noted and that the response of the Corporate Finance and Governance Portfolio Holder thereto be endorsed.

Cabinet recalled that, on 27 June 2025, the Portfolio Holder for Corporate Finance and Governance had considered the detailed Financial Outturn position for 2024/25 and had formally decided:

(a)   that the financial outturn position for 2024/25, as set out in the Officer report and its appendices, be noted;

(b)   that the financing of General Fund capital expenditure for 2024/25, as detailed in Appendix D, be approved;

(c)   that the movement in uncommitted and earmarked General Fund reserves for 2024/25, as set out in Appendix E, be approved;

(d)   that the General Fund revenue carry forward items totalling £15.093m, as set out in column 4 of Appendix K, be approved;

(e)   that the General Fund capital carry forwards totalling £59.477m, as set out in Appendix D, be approved;

(f)    that, in respect of the HRA, the movement on HRA balances for 2024/25, including any commitments set out within Appendices H and/or I, along with recharges to the HRA from the General Fund of £3.025m for the year and the financing of the HRA capital expenditure, as set out in Appendix I, be approved; and

(g)   that the overall General Fund outturn variance of £5.417m for 2024/25 that is being carried forward via the Revenue Commitments Reserve be noted; and

(h)   that Cabinet be recommended to approve the proposed allocations from the variance amount, as set out within Table 3.

Subsequently, on 25 July 2025, Cabinet had considered an overview of the financial outturn for 2024/25 and the proposed allocation of the General Fund variance for the year and other in-year budget adjustments. It had been resolved by Cabinet that:

(a)   the high-level Financial Outturn Position, as set out in this report (A.5), and the favourable General Fund Revenue variance of £5.417m for the year, which is currently held within the Revenue Commitments Reserve be noted;

(b)    the use of the General Fund Outturn for the Year of £5.417m, as set out in Appendix A (Section 1), be approved;

(c)   in respect of the additional £1.000m set aside to support the delivery of savings / efficiency plans and wider corporate priorities, the Chief Executive, in consultation with the Portfolio Holder for Corporate Finance and Governance, be authorised to utilise this funding during the year;

(d)   in respect of the additional £1.000m set aside for Coast Protection Works, this be added to the remaining budget of £0.970m associated with earlier decisions, and that the Corporate Director (Operations and Delivery), in consultation with the Portfolio Holder for the Environment & ICT, be authorised to utilise this funding during the year;

(e)   the budget adjustments for 2025/26, as set out in Appendix A (Sections 2 and 3), be approved;

(f)    the Council’s Section 151 Officer, in consultation with the Corporate Finance and Governance Portfolio Holder, be authorised to adjust the outturn position for 2024/25 along with any corresponding adjustment to earmarked reserves as a direct result of any recommendations made by the Council’s External Auditor during the course of their audit activities relating to the  ...  view the full minutes text for item 87