Issue - meetings

Report of the Deputy Leader and Cabinet Member for Finance and Transformation is attached.

Cabinet considered the Quarter 2 Financial Monitoring Report presented by Councillor Thorpe, Deputy Leader and Cabinet Member for Finance and Transformation which provided an update on the Council’s financial position for 2024/25. During the discussion, Cabinet noted a forecast revenue overspend of £5.861 million for the financial year. It was reported that 82% of planned savings had either been delivered or were on track, and plans were in place to address the remaining savings gap. Cabinet further noted that the capital programme had been reprofiled to a total of £124.561 million, reflecting updated delivery timescales. In addition, the Collection Fund was forecasting a surplus of £1.186 million.

Decision:
Cabinet:

1.    Noted the 2025/26 forecast revenue outturn position as at 30 September 25 of a £5.861m overspend (2.45%) against a net budget of £238.988m.

2.    Noted the 2025/26 forecast savings position as at 30 September 2025 of a forecast underachievement of £2.031m (-17.92%) against an agreed target of £11.344m.

3.    Approved the in-year updates to the capital programme, revising the capital delivery programme for 2025/26 to £124.561m which will form the basis for future in-year monitoring and reporting of performance.

4.    Noted the 2025/26 forecast Collection Fund Position as at 30 September 2025 of a surplus of £1.186m of which £1.103m relates to Bury’s share.

Reasons for recommendation(s):

To update members on the Council’s budgetary position and actions taken or being taken to ensure budgetary targets are achieved.

This report is in accordance with the Council’s financial procedure regulations.

Alternative options considered and rejected:

None.