Cabinet received a report on the Council’s financial performance for 2025/26, covering the General Fund, Housing Revenue Account (HRA), Capital Programme and subsidiary companies.
Members were advised that the Council ended the year in a stronger financial position than forecast, with General Fund balances increasing to £7.57 million, supported by higher investment income and stronger service income, which helped offset various budget pressures.
It was noted that the HRA also reported a better-than-expected position, delivering a £1.54 million surplus, although much of this related to one-off factors and funding being carried forward to complete housing repairs, maintenance and improvement works.
Members were pleased to note that, despite improvements to General Fund funding, the HRA continued to face significant medium- and long-term financial pressures arising from increasing regulatory requirements. A proposal was made to allocate £200,000 of the General Fund underspend towards public realm improvements as part of the town’s 80th anniversary celebrations.
It was RESOLVED:
General Fund
1.
That it be noted that all the financial data is subject to the
2025/26 Statement of Accounts audit.
2.
That the 2025/26 actual General Fund (GF) net expenditure of
£10.078 Million be noted.
3.
That the 2025/26 actual core resources (government grants, business
rates and council tax) of £11.144 Million be noted (paragraph
4.4.1).
4.
That carry forward/spend requests into 2026/27 totalling
£309,150 be approved for the General Fund (paragraph
4.3).
5.
That the 2025/26 transfer to reserves of £3.169 Million be
approved for the General Fund (paragraph 4.7.1).
6.
That the transfer from General Fund reserves to allocated reserves
in 2025/26 of £2.92 Million as detailed in paragraph 4.7.1 be
noted.
7.
That the 2026/27 transfer from reserves of £1.015 Million as
set out in paragraphs 4.6.1 and 4.6.5 be approved.
8.
That the changes to the 2026/27 budget of £117,030 as set out
in the table in paragraph 4.6 be approved.
Housing Revenue
Account
9.
That the 2025/26 in year HRA surplus of £1,543,209 be noted,
subject to the audit of the Statement of Accounts.
10.That carry forward
requests of £783,140 (paragraph 4.11) be approved.
11.That the 2026/27
revised HRA budget of £942,260 deficit be approved as set out
in paragraph 4.12.3.
Capital
Programme
12.That the General
Fund capital budget re-phasing of £4.4 Million from 2025/26
to future years be approved.
13.That the Housing
Revenue Account capital budget re-phasing of £2 Million from
2025/26 to future years be approved.
14.That the new growth
item detailed on paragraph 4.17.2 be approved.
15.That the virements totalling £177K detailed on paragraph 4.17.3 be approved.
16.That the changes in
Capital Financing in paragraph 4.18 be approved for 2025/26 and
2026/27.
Council’s Subsidiary Companies
17.That the 2025/26 outturn position for the Council’s subsidiary companies as set out in paragraph 4.20 be noted.