Decision details

Councillor Thorpe introduced the report providing an update to Cabinet on the council's forecast Quarter 1 position across the General Fund revenue and capital budgets, Housing Revenue Account (HRA) and DSG (Dedicated Schools Grant). 

Councillor Rydeheard thanked Councillor Thorpe for attending Overview & Scrutiny Committee to go through this report with scrutiny members.

Councillor Birchmore highlighted the housing revenue account and confirmed her interest that some of the maintenance would be moved in house.

Decision(s)

Cabinet

·         Noted the 2026/27 forecast revenue Quarter 1 position of a £5.691m overspend (2.26%) against a net budget of £252.135m.

·         Noted the forecast reduction in General Fund and Earmarked Reserves of £12.047m (27.31%) and forecast closing balance at 31 March 2027 of £32.059m.

·         Noted the total forecast delivery of savings in 2026/27 of £18.534m (88.85%) against a target of £20.860m, including unachieved savings carried forward from 2025/26. This results in a forecast shortfall of £2.326m (11.15%).

·         Noted a net increase of £22.228m to the 2026/27 Capital Programme, comprising of £17.336m of slippage from 2025/26 and £7.311m of additional schemes in 2026/27, offset by £2.419m rephased into 2027/28. 

·         Approved and recommend to Council the in-year capital programme addition requiring £0.350m of additional prudential borrowing. 

·         Approved and recommend to Council an additional £0.210m of prudential borrowing within the Housing Revenue Account Capital Programme for 2026/27.

·         Noted the 2026/27 forecast Quarter 1 position for the Collection Fund.

·         Note the 2026/27 forecast Quarter 1 position for the Housing Revenue Account (HRA).

·         Noted the 2026/27 forecast Quarter 1 position for the Dedicated Schools Grant (DSG).

·         Noted the Quarter 1 Prudential Indicator position

Reasons for decision(s)

To note the forecast Quarter 1 finance position for 2026/27.

Alternative options considered and rejected

N/A