Decision details

DECISION

To accept the report and consider the final financial position of the Council’s departments for 2024/25:

Noting that there is significant overspend by the Adults, Health and Well-being Department, the  Children and Families Department, the Highways, Engineering and YGC Department, and the Environment Department in 2024/25 (please see column A in the table above), Approve the following financial virements (which are explained in Appendix 2 to the report) - 

·         In line with the Cabinet decision of 21 January 2025, to not allow departments to carry any underspend into the next financial year by excluding clause 16.3.1. (C) of the Financial Regulations (See column B in the table above).

·         Confirm the financial support of £281k above the contractual payment to Cwmni Byw'n Iach, and use £1.1m from the Parc Adfer Contributory Earnings Recovery fund to fund the overspend in the Waste field (See column C in the table above).

·         The departments that are overspending to receive one-off financial support, limiting the level of overspend to be carried forward by the Department to £100k (See column CH in the table above).

·         On Corporate budgets:

-       use (£5.144 million) of the underspend on corporate budgets to assist the departments that have overspent in 2024/25.

-       the remainder of the underspend of (£1.548 million) on Corporate budgets to be transferred to the Transformation Fund, to be used for the Council's priorities.

Approve the amounts to be carried forward (the “Adjusted Over/(Under) Spend” column in column D above and in Appendix 1).

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The financial virements from the specific reserves were approved as outlined in Appendix 3 following a review of the reserves:

-       harvest £1.275 million from various funds and transfer it to the Transformation Fund.

-       De-commit £375k of historical or non-committed schemes in the Transformation Fund.

-       Move £2.5 million from the Financial Strategy Support fund to the Transformation Fund so that they are available for the Council's priorities and to fund one-off bids into the future.