Agenda item

Executive Summary

This report presents the provisional outturn position for the 2024/25 financial year which shows a General Fund underspend of £0.622m.  It also provides an update in relation to the Council’s capital programme and use of reserves.

The position will be used to inform the production of the Statutory accounts which will then be subject to audit by the Council’s external auditors.

The report makes recommendations for contributions to reserves.

Options considered

None - This is a factual report of the financial year end position for 2024/25.

Consultation(s)

None – This is a factual report of the financial year end position for 2024/25.

Recommendations

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 recommendations

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.

Background papers

Budget report, Budget Monitoring reports, NNDR3 return

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

Daniel King

Director of Resources

daniel.king@north-norfolk.gov.uk

01263 516167