Purpose

To report on the Capital & Revenue Budgets on a quarterly basis and note the Treasury Management Report and treasury management activities. To provide an update on the performance of the Council across a range of services as measured by performance indicators

Decision

RESOLVED

KEY DECISION

That the Executive:

a)       Noted the Council’s forecast outturn position for 2026/27 for the following revenue funds as set out in Appendix A:

i)          General Fund – overspend of £14.962m

ii)        Housing Revenue Account (HRA) – underspend of £433k

iii)      Dedicated Schools Grant (DSG) - deficit position of £29.525m.

b)       Approved the inclusion of £365k in the 2026/27 Budget which will be funded from the Smoothing Reserves to fund the following;

•         £249k Fabric System - Funding for the implementation of the Fabric - which is a Performance Reporting System

•         £15k Towns Fund - Funding for the Development of the Corby Town Plan.

•         £101k Private Sector Housing - New Burdens grant funding to be used for preparatory work relating to Renters' Rights Act. 

c)        Noted the following transfers from the Corporate Contingency that will be reflected in the Quarter 2 monitoring report to the Executive as set out in Appendix A (Slide 129) and as detailed below

•         £119k Travel to School – Consultancy Support

•         £262k Staffing Resources in Children’s Services

d)       Noted that there will be a virement request for £1.5m to Council to fund the £1.5m pressure from the Adults PFI contract which will be funded from the increase in Business Rates Growth.

e)       Noted the provisional capital outturn position and indicative funding for the General Fund (GF) Capital Programme and Housing Revenue Account (HRA) Capital Programme for 2026/27 as forecast at Quarter 1, as included in Appendix A.

f)          Noted the treasury management Quarter 1 position detailing the activity undertaken during the first quarter of the financial year ending 31st March 2027 and the performance achieved set out in Appendix A to this report,

g)       Noted the assessment of the current deliverability of the 2026/27 General Fund savings proposals as set out in Appendix A (Slide 12)

h)       Noted the performance of the Council as measured by the available indicators as at Period 3 (Q1) 2026/27, set out within Appendix A, and Appendix B of this report

Reason for Recommendations – to note the forecast financial position for 2026/27 as at Quarter 1 and consider the impact on this year and future years budgets.

The Council’s Treasury Management Strategy Statement (TMSS) is underpinned by the CIPFA Code of Practice on Treasury Management (“the Code”) which requires that members are informed of treasury management activities on a quarterly basis each financial year. Full Council has delegated the formulation and monitoring of the Council’s treasury management strategy, policy, and activity to the Executive Committee.

Alternative Options Considered: The report focuses on the forecast revenue outturn against budget for 2026/27 and makes recommendations for the Executive to note the current budgetary position as such there are no specific choices within the report.