Purpose

This reports to the Mayor and Cabinet the financial forecasts for 2026/27 as at the end of month 2 (May 2026). It covers the whole of the Council’s finances, including the General Fund, Housing Revenue Account, the Dedicated Schools Grant, and the Capital Programme.

Decision

For the reasons set out in this report and its appendices, Cabinet RESOLVED to Agree to Note

i)  The General Fund Revenue net forecast overspend of £5.923m for Month 2 as set out in this report and Appendix 1.

ii)  The progress on MTFS Savings delivery for Month 2 showing £11.936m (19%) of savings delivered, £34.502m (55%) savings forecast on track for delivery and £15.050m (26%) savings forecast not yet in delivery, as set out in Appendix 2.

iii)  The forecast balanced outturn on both the Dedicated Schools Grant and Housing Revenue Account for Month 2, as set out in Appendix 3.

iv)  The Capital forecast position for Month 2 as set out in section 11 and Appendix 4, and agree the revised budget adjustments for the external grant funded, and HRA schemes.

v)  The requirement for a cash advance to Calverton School which closes on 31 August 2026 and agree to delegate responsibility for making such arrangements to the Section 151 Officer, Interim Assistant Chief Executive – Change & Improvement & Corporate Director of Resources.

Alternatives Considered

None