Issue - meetings

To consider the decision of the Cabinet on the projected General Fund (GF), Housing Revenue Account (HRA) and Capital 2025/26 net expenditure and seek approval to amend the General Fund, HRA and Capital budgets as part of the quarterly revenue monitoring review.

Notice of Decisions to follow in separate document.

The Assistant Director of Finance presented the First Quarter Revenue and Capital Monitoring Report which was presented to Cabinet.

Members were advised that the majority of savings built into the budget were on track to be delivered. The General Fund was projecting a net underspend of £548,000, while the Housing Revenue Account (HRA) was projecting a net underspend of £35,000.

It was reported that some capital expenditure had been reprofiled into the following financial year in line with project progress. Officers confirmed that overall, the Council’s financial position for the first quarter was stable, with no significant risks identified at this stage.

The Committee noted the decision of Cabinet.

To update Members on the projected General Fund (GF), Housing Revenue Account (HRA) and Capital 2025/26 net expenditure and seek approval to amend the General Fund, HRA and Capital budgets as part of the quarterly revenue monitoring review.

Cabinet received a report updating Members on the projected General Fund (GF), Housing Revenue Account (HRA) and Capital 2025/26 net expenditure and seeking approval to amend the General Fund, HRA and Capital budgets as part of the quarterly revenue monitoring review.

Members noted that there was a projected net underspend of £548,850 in the General Fund, driven by increased investment income, off-street parking revenue, and transformation savings.  It was noted that both the General Fund and HRA balances remained above minimum thresholds, ensuring financial resilience. Members were pleased to note that the Council was broadly on track to deliver its planned savings

It was RESOLVED:

General Fund

1.    That the 2025/26 first quarter projected net decrease in General Fund expenditure of £548,850 be approved.

2.    That the proposed movement on reserves as detailed in paragraph 4.2.1 be noted.

Housing Revenue Account

3.    That the 2025/26 first quarter net decrease in HRA expenditure of £35,540 be approved.

Capital Programme

4.    That the General Fund capital budget re-phasing of £9 Million from 2025/26 to future years be approved.

5.    That the Housing Revenue Account capital budget re-phasing of £9 Million from 2025/26 to future years be approved.

6. That net changes to budgets fully grant funded of (£5K) in paragraph 4.9.2 be noted.
   
   
7. That General Fund and HRA virements in section 4.10 be approved.
   
   
8. That the proposed changes to the funding of the General Fund and HRA capital budgets in section 4.11 be approved.

Cabinet received a report updating Members on the projected General Fund (GF), Housing Revenue Account (HRA) and Capital 2025/26 net expenditure and seeking approval to amend the General Fund, HRA and Capital budgets as part of the quarterly revenue monitoring review.

Members noted that there was a projected net underspend of £548,850 in the General Fund, driven by increased investment income, off-street parking revenue, and transformation savings.  It was noted that both the General Fund and HRA balances remained above minimum thresholds, ensuring financial resilience. Members were pleased to note that the Council was broadly on track to deliver its planned savings.

It was RESOLVED:

General Fund

1.    That the 2025/26 first quarter projected net decrease in General Fund expenditure of £548,850 be approved.

2.    That the proposed movement on reserves as detailed in paragraph 4.2.1 be noted.

Housing Revenue Account

3.    That the 2025/26 first quarter net decrease in HRA expenditure of £35,540 be approved.

Capital Programme

4.    That the General Fund capital budget re-phasing of £9 Million from 2025/26 to future years be approved.

5.    That the Housing Revenue Account capital budget re-phasing of £9 Million from 2025/26 to future years be approved.

6. That net changes to budgets fully grant funded of (£5K) in paragraph 4.9.2 be noted.
   
   
7. That General Fund and HRA virements in section 4.10 be approved.
   
   
8. That the proposed changes to the funding of the General Fund and HRA capital budgets in section 4.11 be approved.

Reason for Decision:   As contained in the report

Other Options Considered:   As contained in the report