Decision details

Decision

RESOLVED to recommend to Full Council:

Members are asked to consider the report and recommend the following to full Council:

a)  The provisional outturn position for the General Fund revenue account for 2024/25 (as shown in Appendix A);

b)  The transfers to and from reserves as detailed within the report (and Appendix C);

c) The surplus of £0.622m be transferred to the General reserve to mitigate future funding shortfalls.

d) The balance on the General Reserve of £2.825m following the transfer outlined above.

e) The surplus of £0.384m relating to retained business rates be transferred to the Business Rates reserve.

f) The financing of the 2024/25 capital programme as detailed within the report and at Appendix D.

g) The updated capital programme for 2025/26 to 2030/31 and scheme financing as outlined within the report and detailed at Appendix E;

h) Approval of additional funding to cover capital project overspends of £10,816 as detailed in paragraph 5.7.

i) The roll-forward of existing capital project funding from 2024/25 into 2025/26 as detailed in paragraph 5.9.

j). To note the addition of £55,000 towards the New Play Area (Sheringham, The Lees) to be funded from the Asset Management Reserve in 2025/26 for a total project budget of £120,000

k) The addition of £6,081 towards the Cromer Offices LED Lighting in the Capital Programme to be funded from Capital Receipts in 2025/26 for a total project budget of £178,796.

l) The addition of £20,000 towards the Public Conveniences (Sheringham & North Walsham) project in the Capital Programme to be funded from Capital Receipts in 2025/26 for a total project budget of £565,514.

m) The addition of the Holt Eco Learning Space scheme for £100,000 into the 2025/26 Capital Programme to be funded by an external contribution.

Reasons for the decision:

To provide a draft outturn position for the General Fund, Capital Accounts and Reserves which will form the basis to produce statutory accounts for 2024/25. Also to provide a draft opening position for the financial year 2025/26