Ipswich Borough Council has published its Out-Turn Report for the 2024/25 financial year, demonstrating the decisive action taken to safeguard its financial position and continue delivering essential services to the people of Ipswich.
This report will be presented to the Council’s Executive for approval at its meeting on Tuesday 8 July.
The results reflect the Council’s commitment to sound financial management and demonstrate the Council took the right steps to protect vital public services, proactively manage risk through planning and savings initiatives, and ensuring long-term sustainability and resilience. This is despite historic reductions in funding from central government during 14 years of austerity, increased demands on services, and reduced revenues resulting from external economic conditions including the impact of inflation and interest rates.
£3 million in additional spending pressures were identified during the 2024/25 financial year due to those significant challenges from inflation, higher demand, and reduced income. In response, the Council launched a wide-ranging savings programme in September 2024. This initiative is on track to deliver a minimum £13 million in General Fund savings and £3 million in Housing Revenue Account savings.
Key highlights from the report include:
- General Fund: A year-end working balance of £5.536 million, despite a £1.676 million adverse variance from the original budget.
- Housing Revenue Account: A strong surplus of £2.829 million, boosting reserves to £6.059 million.
- Shared Revenues Partnership: Delivered a £0.406 million surplus, exceeding expectations while maintaining high service levels.
- Capital Programme: Invested £71.698 million in local infrastructure and services.
Councillor Martin Cook, Ipswich Borough Council Portfolio Holder for Resources, says:
“The Council remains committed to maintaining financial resilience, balancing its budget, and delivering high-quality services that meet the needs of our communities.
“In response to the national and local economic challenges of the past financial year, we took prompt and proactive action to strengthen our financial position. This includes the comprehensive savings programme agreed in September last year.”
“Our robust financial management has delivered a strong year end position despite challenging circumstances. This package of measures is a key part of the Council’s financial strategy for 2025/26 and beyond, ensuring we continue to manage our resources responsibly.”
The report will be considered by the Executive on 8 July and by the Audit & Governance Committee on 9 July.
A copy of ‘Financial Management & Control Corporate Budget Monitoring – Draft Out-Turn Statement 2024/25’ can be found at: Agenda for Executive on Tuesday 8th July 2025, 6.00 pm | Democracy Online | Ipswich Borough Council