Purpose

This report sets out the financial outturn position of the council for 2025-26.

Decision

DECISION:

1. Note the Council’s provisional outturn for revenue and capital as at 31 March 2026.
2. Approve the final funding substitutions of £26.0m, including NCIL (£4.1m), CIL (£14.5m) and s106 (£7.4m).
3. Note the significant progress made against the 2025/26 savings targets of £30.2m as at 31 March 2026 as set out in section 11 and Appendix 4 for the report.
4. Note the provisional outturn General Fund net overspend of £18.6m will be funded from the risk reserve.
5. Approve the General Fund capital net position comprising net re-profiling of (£8.7m) and net overspends of £0.9m, resulting in an overall variance of (£7.8m) against the revised budget as per table 6 of the report.
6. Approve the proposed growth to the Council’s existing General Fund approved capital programme (£9.0m), which have already been approved through the Council’s internal governance process, as per table 7 of the report.
7. Approve the Housing Revenue Account (HRA) capital net position comprising net rephasing of (£53.4m) and net underspends of (£1.8m), resulting in an overall variance of (£55.2m) against the revised budget as per table 8 of the report.

REASONS FOR DECISION:

1. The regular, timely and accurate reporting of Revenue and Capital Budget Monitoring and progress against savings targets through the year is a key financial control. It makes visible variations to budget to inform decision making and enable the council to take timely mitigating actions.
2. It is important that issues driving variations to budget are understood and addressed so that the council remains both within the approved budget envelope and on track to delivering the plans Council budgeted for.

ALTERNATIVE OPTIONS:

This report provides the financial outturn for 2025-26 and as such there are no alternative options.

Action by: Corporate Director of Resources