Purpose

To present Strategy and Resources Committee
with the latest detailed financial outturn report and identify any
additional financial approvals that are required.

Content

The Committee RESOLVED:
 
To note:
 
1. The council’s General
Fund forecast outturn revenue overspend of £9.6 million at P2
2025/26 against the council approved budget of £571.4
million.
 
2. The additional weighted net
risk of £10.9 million per the risks and opportunities
register (Appendix A1a, Section 4, Tables 4a and 4b).
 
3. The performance on delivery
of savings (Appendix A1a, Section 5, Tables 5a and 5b).
 
4. The council’s outturn
position of £1.3 million overspend within the Housing Revenue
Account to be transferred to the HRA general reserve at the year
end (Appendix A1a, Section 6.3).
 
5. The council’s outturn
position of a £37.2 million net overspend in the Dedicated
Schools Grant and that, as part of the DfE Safety Valve agreement,
the General Fund approved budget for 2025/26 includes the transfer
of £11.7 million to an earmarked reserve at year end
(Appendix A1a, Section 6.4).
 
6. The breakeven position on
Public Health services (Appendix A1a, Section 6.5).
 
7. The breakeven position on
the Bristol Harbour Fund. (Appendix A1a, Section 6.6).
 
8. That recovery action plans
will be developed for the areas of budget pressure, to include
C&E, A&C, G&R and the HRA.
 
9. The latest position on
balance sheet risks.
 
10. The council’s
forecast underspend of £41.1 million against the Capital
Programme revised budget 2025/26, comprised of £25.9 million
underspend on the General Fund and £15.2million underspend on
the HRA. (Appendix A1b, Section 1).
 
11. The planned use of capital
receipts of £20.7 million.
 
12. The in-year collection
levels for Council Tax and Business Rates as set out in the reports
(Appendix A1a, section 7).
 
13. The levels of aged debt as
at 31 May 2025 (Appendix A1a, section 7.9).
 
14. The 1 April 2025 opening
balances on the General Fund and Earmarked Reserves and movements
to P2 close (Appendix A1a, section 9).
 
To approve (unanimous vote in
favour):
 
1. The creation of 4 new
reserves to account for Section 31 Pupil Premium, Business Planning
Reserve, Bristol Harbour Reserve, DSG Surplus Reserve (Appendix
A1a, Table 12).
 
2. The release of £8.2
million corporate inflation budget and of £4.5 million pay
inflation budget
(representing latest changes to
Employer’s NI contribution % and threshold) as approved in
the 2025/26 budget but not initially allocated to
directorates’ cash limits (see Appendix A1a, Table
3b)
 
3. The drawdown in Period 2 of
£0.1 million from the Capital Feasibility Fund (Appendix A1a,
section 9.4).