Purpose

To set out the final budget monitoring position for the 2025/26 financial year (01 January to 31 March).

Decision

The purpose of this item was to set out the full year budget monitoring position for the 2025/26 financial year.

Councillor Patrick Coleman, Cabinet Member for Finance  introduced the report which set out recommendations to review and note the outturn position, approve transfers to and from reserves, and carry forward an unspent capital budget of £858,000 into the 2026/27 capital programme.

Members were asked to note that the financial year had concluded in line with previous quarters, with generally positive outcomes and that earlier prudent financial decisions had supported a stable overall position. It was further noted that the Council remained in a sound financial position compared to many other authorities, with continued emphasis placed on maintaining a transparent, accurate and compliant financial framework in preparation for future reporting periods.

Councillor Coleman thanked the Finance Team for their work throughout the year in managing, analysing and reporting the Council’s financial position.

The Leader asked Cabinet members to note the Overview and Scrutiny Committee’s comments, which expressed concern regarding the financial outturn position associated with UBICO and associated risks, and requested continued close monitoring. Members also noted the Overview and Scrutiny Committee’s support for the allocation of £2 million towards local government reorganisation costs, whilst acknowledging that limited central Government funding meant a significant proportion of costs would need to be met by local authorities, including through the use of reserves pending future savings from reorganisation.

The recommendation was proposed by Councillor Patrick Coleman and seconded by Councillor Tristan Wilkinson.

Cabinet RESOLVED to:

1. Review and note the outturn financial position set out in this report.
2. Approve the transfer to and from reserves as set out in Section 6 and Annex C.
3. Approve the carry forward of unspent capital budget included in paragraph 7.5 of £0.858m into the 2026/27 Capital Programme.

Voting record:

8 For, 0 Against, 0 Abstentions