COVENTRY City Council (CCC) balanced its budget for the 2024-25 financial year while investing more than £125million in the city’s future – confounding gloomy predictions last winter that it was set for a £7million overspend.
A council spokesperson said it was due to ‘exceptional financial resilience’, despite facing ‘significant pressures’ affecting local authorities across the country.
They added: “The council’s final outturn position represents a remarkable turnaround from the predicted £7million overspend projected at Quarter 3, demonstrating strong financial management and disciplined budget control throughout the challenging financial year.
“The Council successfully delivered a substantial £128.8million capital investment programme during 2024-25, with an impressive 65 per cent funded through external grants – demonstrating the authority’s success in securing funding that reduces the burden on local taxpayers.”
Investments included £22million in transport and highways infrastructure, including the Coventry Very Light Rail test track; £18.3million to increase secondary school capacity; £16.5million in green homes and decarbonisation projects; and £6.6million to tackle housing issues.
Coun Richard Brown, Cabinet Member for Strategic Finance and Resources, said: “This strong financial performance demonstrates our commitment to sound fiscal management while continuing to invest in Coventry’s future.
“Despite the challenging environment facing all local authorities and through the efforts of finance colleagues, we have ended the year with a balanced budget.”
The council’s commercial investments proved fruitful, with the Asset Management Revenue Account generating a surplus of over £10million – boosted by strong dividend performance from Birmingham Airport and Coventry and Solihull Waste Disposal Company.
Total commercial income of £27.7million helped to support services for Coventry residents – around 10 per cent of the council’s net service expenditure.
CCC said it managed pressures on children’s and adult social care services through ‘careful financial planning and the use of one-off income sources’.
Coun Brown added: “The authority’s success in attracting external funding and maintaining strong commercial returns demonstrates effective financial stewardship that benefits all Coventry residents.”
