Decision details

Cabinet received a report presenting the Council’s current financial position across the General Fund, Housing Revenue Account (HRA), Capital Programme, and subsidiary companies.

The General Fund had a final position of £573,000 surplus over the working budget, and the HRA reported a surplus of £341,000.

In addition the Council’s General Fund allocated reserves have increased to £11 million.  Despite the reported HRA surplus there still remains financial risk in particular to the HRA with increased costs of repairs so a full HRA Business Plan rewrite is underway to guide strategic financial decisions. 

The report also provided financial information on the Council’s companies. Queensway LLP was primarily purchased for regeneration purposes, funded by an external developer, with the Council leasing the asset.  The LLP reported a £382K operational loss due to on-going commercial challenges and summarised some of the steps being taken.  Marshgate Ltd the councils housing company posted a modest profit of £41K. The Council’s joint venture with Mace at Swingate was progressing with construction on-site.

Members were pleased to see that considerable progress had been made on the build of Claxton House, part of the Joint SG1 Development with Mace.

It was RESOLVED:

1.    That the 2024/25 actual General Fund net expenditure of £11.792 million be noted, subject to the 2024/25 audit of the Statement of Accounts.

2.    That the 2024/25 actual core resources (government grants, business rates and council tax) of £12.994 million be noted, subject to the 2024/25 audit of the Statement of Accounts (paragraph 4.4).

3.    That carry forward/spend requests totalling £262,070 be approved for the General Fund (paragraph 4.3).

4.    That the Transfer to reserves of £1.450 million be approved for the General Fund (paragraph 4.7.1), subject to the 2024/25 audit of the Statement of Accounts.

5.    That the transfer from General Fund reserves to allocated reserves in 2024/25 of £150,000 as detailed in paragraph 4.2.1 (III) and included in the overall additional transfer to reserves as set out in para. 2.1.4 be noted.

6.    That the transfer from reserves in 2025/26 from the Transformation reserves (£9,390 para.4.6.8 refers), Town Square reserves (£104,560 para 4.6.1 refers) and transfer to the Elections reserves (£60,000 para 4.6.7 refers) in 2025/26 be approved. 

7.    That the changes to the 2025/26 as set out in the table in paragraph 4.6 be approved.