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DECLARATIONS OF INTEREST FOR ITEM:

 
None

RESOLVED:
 
That Cabinet:
 

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.

Approved the revenue
budget virements and receipt of grants.

Noted the net DSG
forecast of £3.0m overspend.

Noted the net Housing
Revenue Account (HRA) forecast overspend is
£600,000.

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.

Approved the proposed
budget adjustments and virements to the capital
programme.

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.

Noted the Finance
Response and Recovery Plans and progress against actions as at
Quarter 1.

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,