Cabinet received a report updating Members on the projected General Fund (GF), Housing Revenue Account (HRA) and Capital 2026/27 net expenditure and seeking approval to amend the General Fund, HRA and Capital budgets as part of the quarterly revenue monitoring review.
The Portfolio Holder for Resources and Performance reported on the positive first quarter financial position and emphasised the importance of maintaining a disciplined approach to budget management throughout the year. He further highlighted the commitment to identifying underspends where appropriate and reinvesting resources into initiatives that would deliver meaningful benefits for the community.
It was RESOLVED that:
General Fund
1. That the 2026/27 first quarter projected net decrease in General Fund expenditure of £1,070,480 be approved.
2. That the proposed movement on reserves as detailed in paragraph 4.3.1 of the report be approved.
3. That the introduction of the Building Safety Levy be noted and the allocation of Stevenage Borough Council's grant funding to Hertfordshire Building Control Ltd to meet the costs of establishing and administering the Building Safety Levy on behalf of the Council as detailed in paragraph 4.1.4a of the report be approved.
4. To authority be delegated to the Section 151 Officer, after consultation with the Portfolio Holder for Resources and Performance to finalise and enter into the necessary funding arrangements with Hertfordshire Building Control Ltd as detailed in paragraph 4.1.4a of the report.
5. That the public realm schemes funded from the 2025/26 underspend and as set out in paragraph 4.1.4b be approved.
Housing Revenue Account
6. That the 2026/27 first quarter net decrease in HRA expenditure of £1,123,900 be approved.
Capital Programme
7. That the General Fund capital budget re-phasing of £3.4 Million from 2026/27 to future years be approved.
8. That the Housing Revenue Account capital budget re-phasing of £20.1 Million from 2026/27 to future years be approved.
9. That the Housing Revenue Account capital budget reduction of £11 Million over the period 2026/27 to 2030/31 be approved, including £5.5 Million from 2026/27 to 2028/29.
10.That £699K of new growth, funded by £149K grant (paragraph 4.11a) and £550K community infrastructure levy (CIL) (paragraph 4.11b) be approved and as set out in Appendix D.
11.That General Fund virement of £142K in paragraph 4.12 be approved.
12.That the proposed changes to the funding of the General Fund and HRA capital budgets in section 4.13 be approved.