Decision details

DECLARATIONS OF INTEREST FOR ITEM:

None

RESOLVED:

That Cabinet:

1. Noted the forecast total revenue outturn variance for the General Fund of £34.1m comprising £24.9m base budget pressures and £9.2m non delivery of savings delivery.
   
   
2. Approved the revenue budget virements and receipt of grants.
   
   
3. Noted the net DSG forecast of £3.0m overspend.
   
   
4. Noted the net Housing Revenue Account (HRA) forecast overspend is £600,000.
   
   
5. Noted the forecast General Fund and HRA Capital expenditure of £484.8m, which equates to 92% of the total 2025/26 quarter one revised budget position.
   
   
6. Approved the proposed budget adjustments and virements to the capital programme.
   
   
7. Noted the debt write-offs approved in Quarter 1 2025/26 which have been approved by the Corporate Director of Finance and Resources under delegated authority, or for those above £50,000, by the Cabinet Member for Finance as set out in the Constitution.
   
   
8. Noted the Finance Response and Recovery Plans and progress against actions as at Quarter 1.
   
   
9. Noted the Council’s response to the Government’s consultation on Fair Funding Review 2.0 which was submitted by the set deadline.

Reason for Decision

A strong financial management framework, including oversight by Members and senior management is an essential part of delivering the council’s priorities as set out in the Corporate Delivery Plan and to meet its statutory duties. This is made more critically important than ever because of the uncertainties surrounding the Council’s uncertain and challenging financial position, which is impacted by Government funding, high demand for services, particularly for the most vulnerable and the wider economic outlook and the ongoing reliance on Exceptional Financial Support.

Alternative Options Considered

The report of the management of the Council’s financial resources is a key part of the role of the Corporate Director of Finance and Resources (Section 151 Officer) in helping members to exercise their role and no other options have therefore been considered. The remainder of this report and the accompanying appendices sets out the position in more detail,