Issue - meetings

To receive the 2024/25 Financial Outturn Report.

To receive the final outturn postion for 2024/25.

The Cabinet Member: Finance, Governance and Customer Services presented the 2024/25 Finance Outturn Report, which set out the final outturn position for the year in relation to the revenue budget, capital programme and income collection. 

Since the Medium-Term Financial Strategy was approved in 2024, the economic climate had continued to be challenging with costs pressures being experienced, particularly in relation to the provision of Adult Social Care. 

The funding outlook for the medium-term remained very uncertain and regular updates in relation to the projected financial position for 2025/26 would come before Cabinet during the 2025/26 municipal year.

Despite the significant pressures faced during 2024/25, the Council ended the year within budget, a considerable achievement.  This demonstrated strong financial management and resilience and had been achieved through a range of measures such as maximisation of external income, in year grants, trading income, capitalisation of revenue spends and one-off savings from vacancy management.

The gross revenue budget for 2024/25 was £529m with the net budget at £157m with the revenue outturn position being within budget by £0.091m (0.06% of net budget). The position at year end allowed a small number of one-off investments in key areas in order to support the Council’s priorities and future financial sustainability and the budget strategy reserve remained at £21.7m.  The council will continue to feel the impact of inflationary pressures, a continued demand for services and uncertainty in relation to the changes to the local government funding system due to be implemented in April 2026.

It was very pleasing to report that Children’s Safeguarding & Family Support ended the year within budget, an unprecedented position compared to previous years and a clear demonstration of the positive work being undertaken by the service.

The key pressure area during the year had been Adult Social Care (ASC), with £8.8m of essential additional investment being required.  This included the impact of market price increases, more complex needs, higher demand and longer periods of care being required.  Work continued to deliver care which maximised prevention and independence where possible.

Capital spend at year end was £87.17m against an approved budget of £93.15m. Some re-phasing of expenditure would be required into 2025/26 as a result of re-profiling spend which would generate some treasury management benefits in 2025/26.

Non-Domestic Rate (NDR) collection was ahead of target at year end whilst Council Tax and Sales Ledger Debt were slightly behind the targets set.

NuPlace Ltd unaudited accounts had received rental income of £5,046m in 2024/25 which had generated £0.448m of profit after investment and taxation.  A dividend of £0.302m had been paid to the Council as its sole investor.  During 2024/25, the Council had received a total of £2.0m which included the dividend, additional interest and other marginal costs.  Housing stock now sat at 608 homes which added £5.6m to the asset value.

Cabinet Members welcomed the report but noted that adult social care remained the biggest pressure nationally.   The quality of service had been rated good by CQC and highlighted the support to  ...  view the full minutes text for item 4