Decision details

The report aThe purpose of the report was to present the Council’s final Revenue and Capital Year-End Outturn position for 2025/26, including the overall financial performance, budget virements, updates to the Capital Programme and the impact on reserves and financial resilience.

dvises the Executive of the Council’s year-end financial outturn position for 2025/26

ORDERED that Executive:

1.     Approve budget virements over £250,000 within the revenue budget as detailed in Appendix 1 of the report.

2.     Approve budget virements over £250,000 within the Capital Programme detailed in paragraph 4.93 of the report.

3.     Approve the inclusion of new schemes and additions to existing schemes to the Capital Programme totalling £1.057m for 2025/26, which were all externally funded to either new or existing schemes which were detailed in Appendix 5 of the report. This would increase the approved 2025/26 Capital Programme budget to £89.508m.

AGREED that Executive:

1.     Note the Council’s year-end financial outturn for the financial year 2025/26, with the final revenue outturn position being £1.793m overspend at year-end after the use of central contingencies and other budgets.

2.     Note that this sum was to be met from the Savings Delivery Risk reserve of £2.000m, put aside to manage uncertainty in this area.

3.     Note the improved year-end position in relation to reserves in those usable unrestricted reserves had increased from £21.654m to £25.941m, an increase of £4.287m demonstrating that the overall financial position of the Council had again improved this year.

4.     Note that provision was made in the 2026/27 budget for service demand pressures and re-basing of budgets (including for reduced income levels and legislative requirements) which addressed some of the key areas which contributed to the overspend in 2025/26.

REASONS

To enable the effective management of finances, in line with the Councils Local Code of Corporate Governance, the Scheme of Delegation and financial regulations.

OPTIONS

The Executive considered the option of not approving the proposed revenue and capital budget virements or not formally noting the outturn position. This was not supported, as it would limit the Executive’s ability to effectively manage and control the Council’s financial position, weaken governance arrangements and reduce transparency and accountability.