Issue - meetings

This report provides the quarter three 2025/26 projected financial outturn information for the general fund, capital programme, housing revenue account (HRA) and Dedicated Schools Grant (DSG).

The quarter three position is a projected overspend for the general fund of £4.6m (compared with £4.2m at quarter two) largely due to increased demand for adult and children social care with some offset from the central contingency and budgets in the Resources directorate.

RESOLVED that Cabinet:-

(a)       Noted the budget monitoring position for quarter three 2025/26;

(b)       Encourage Senior Officers, budget holders, and Portfolio Holders to take all reasonable steps to reduce the forecast overspend in the final quarter of the financial year; and

(c)       Approve the capital virement as set out in Appendix C1 at paragraph 2.

Voting: Unanimous

Portfolio Holder: Finance

Reason

To comply with accounting codes of practice and best practice which requires councils to regularly monitor the annual budget position and take any action to support the sustainability of the council’s financial position.

To comply with the council’s financial regulation concerning approval for budget virements.

The Portfolio Holder for Finance presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'A' to these Minutes in the Minute Book.

Cabinet was advised that the report provided the quarter three 2025/26 projected financial outturn information for the general fund, capital programme, housing revenue account (HRA) and Dedicated Schools Grant (DSG).

In relation to this Cabinet was informed that the quarter three position is a projected overspend for the general fund of £4.6m (compared with £4.2m at quarter two) largely due to increased demand for adult and children social care with some offset from the central contingency and budgets in the Resources directorate.

RESOLVED that Cabinet: -

(a)        noted the budget monitoring position for quarter three 2025/26;

(b)        encourage Senior Officers, budget holders, and Portfolio Holders to take all reasonable steps to reduce the forecast overspend in the final quarter of the financial year; and

(c)        approve the capital virement as set out in Appendix C1 at paragraph 2.

Voting: Unanimous

Portfolio Holder: Finance

Reason

To comply with accounting codes of practice and best practice which requires councils to regularly monitor the annual budget position and take any action to support the sustainability of the council’s financial position.

To comply with the council’s financial regulation concerning approval for budget virements.