Decision details

Cabinet considered the report on the Council’s final financial outturn for 2025/26, which set out the overall revenue, capital, reserves and Dedicated Schools Grant position.

Members noted that the Council had delivered a balanced outturn position through the use of Exceptional Financial Support, but that a net revenue overspend of £18.510m represented an ongoing financial challenge.

RESOLVED (unanimously):

That the Cabinet

1.    Note the factors leading to a Net Revenue Overspend of £18.510m against a revised budget of £422.175m (4.4% variance).

2.    Note the in-year forecast capital spending of £122.180m against an original capital budget (at out-turn) of £208.491m (41.4% variance).

3.    Approve the Supplementary Revenue Grant allocation above £500,000 up to and including £1,000,000 as per Annex 1, Section 3, Table 1 of the report.

4.    Recommend to Council to approve the Supplementary Revenue Grant allocations over £1,000,000 as per Annex 1, Section 3, Table 1 of the report.

5.    Note the approved Capital Virements up to £250,000 as per Annex 1, Section 4, Table 3a of the report.

6.    Note the Capital Virements above £250,000 up to £500,000 to be approved in accordance with the Council’s Constitution as per Annex 1, Section 4, Table 3b of the report.

7.    Approve the Capital Virements in excess of £500,000 up to £5,000,000 as per Annex 1, Section 4, Table 3c of the report.

8.    Note the Supplementary Capital Estimates up to £100,000 as per Annex 1, Section 4, Table 4a of the report.

9.    Note the Supplementary Capital Estimates above £100,000 up to £500,000 to be approved in accordance with the Council’s Constitution as per Annex 1, Section 4, Table 4b of the report.

10. Approve the Supplementary Capital Estimates above £500,000 up to £1,000,000 as per Annex 1, Section 4, Table 4c of the report.

11. Recommend to Council to approve the Supplementary Capital Estimates over £1,000,000 as per Annex 1, Section 4, Table 4d of the report.

12. Note the Capital Budget Reductions as per Annex 1, Section 4, Table 5 of the report.

13. Approve the Reserves in Annex 1, Section 5, and note the available reserves.

14. Approve the transfer of the final combined 2025/26 balance of £3.259m from Transformation Reserves to the General Fund balance.