Agenda item

The General Fund Provisional Outturn Report 2024/25 was introduced by the Leader of the Council.

General Fund Revenue Budget 2024/25

The report detailed the following significant variances from the General fund revenue outturn positions outlined in Table Two: utilities, fuel, fees and charges, property maintenance, and investment income.

General Fund Capital Programme 2024/25

Incorporating any amendments such as the carry forwards from the previous year, the 2024/25 budget increased to £28.61 million. There was a £3.424 million underspend on the General Fund Capital Programme for 2024/25.

General Fund Reserves 2024/25

It was recommended that the provisional revenue underspend of £1.114 million was allocated to the following reserves:

-       ICT reserve – increase by £260K to replenish the level of the ICT Reserve to meet future ICT related expenditure. 

-       Training and Development Reserve – increase by £85K to support ongoing development of staff and members as identified through training development plans. 

-       Local Priorities Reserve – increase by £769k to support ongoing priority projects. 

2024/25 Statement of Accounts Update

The preparation of the 2024/25 Statement of Accounts was underway and the Council already received a positive draft Value for Money opinion, however, the Council was anticipating the end of June deadline for publication of the draft Statement of Accounts would not be met. Nevertheless, it was still anticipated that the statutory deadline of 31^st March 2026 would be achieved.

Councillor Rhea Rayside left the Chamber

During discussions, Members commented on the following:

-       An amendment was proposed, seconded, and AGREED to add a fourth recommendation to the report, as follows:

'The creation of a Leisure Investment Reserve of £500k to be used to invest in the maintenance and improvements of the 3 leisure centres in Grantham, Stamford and Bourne and the Sports Stadium in Grantham. The proposal is to allocate £500k from the LPR to create this new reserve’.

-       It was confirmed that the transfer would occur immediately upon the agreement being reached.

-       Clarification was given that the carry over of £244,000 by the Disabled Facilities Grant was due to works that were agreed in the previous financial year but would take place in the following financial year. It was acknowledged that previous supply issues within Occupational Therapy had historically contributed to underspend of the grant. 

-       It was also confirmed that the report outlined the costs of Code of Conduct complaints dealt with by Legal and Democratic Services for the financial year 2024-25 only. 

Following discussions, it was proposed, seconded, and AGREED to:

1.    Review and approve the provisional General Fund Revenue and Capital Outturn position for the financial year 2024/25.

2.    Review and approve the following reserve movements in respect of the General Fund based on a provisional surplus for 2024/25 financial year end:

• ICT Reserve increase by £260k

• Training and Development Reserve increase by £85k

• Local Priorities Reserve increase by £769k

3.    Delegate authority to the Deputy Chief Executive and s151 Officer in consultation with the Cabinet Member for Finance, HR & Economic Development to finalise the reserve movements in order to ensure the Working Balance level for the General Fund and the Housing Revenue Account are maintained at prudent levels.

4.    Agree to the creation of a Leisure Investment Reserve of £500k to be used to invest in the maintenance and improvements of the 3 leisure centres in Grantham, Stamford and Bourne and the Sports Stadium in Grantham. The proposal is to allocate £500k from the LPR to create this new reserve.