Issue - meetings

Report of Assistant Director of Finance (Section 151 Officer)

Purpose of report

To report to the Committee the council’s financial position at the end of the financial year 2025-2026.

Recommendation

The Budget Planning Committee resolves:

1.1       To note the contents of this report.  

Resolved

(1)        That the report be noted.

The Assistant Director of Finance (Section 151 Officer) submitted a report to advise of the Council’s position at the end of the financial year 2025-2026.

In introducing the report, the Portfolio Holder for Finance, Property and Regeneration advised the Committee that as of June 2025, the Resources & Transformation and Communities directorates were forecasting an overall year end overspend of £2.291m, which was a significant increase from the forecast year end position of £0.296m in May 2025. The Council forecast overspend was mainly driven by pressures in Property and Environmental Services. Within Executive Matters there was an underspend on treasury of £0.35m. Given the last two years of dividends from Graven Hill, officers considered a further £0.5m receipt could be forecast this year

The Portfolio Holder for Finance, Property and Regeneration explained that it was proposed that £1.1m of Market Risk be released from Policy Contingency to offset the remaining forecast directorate overspend until mitigations were put in place. This would result in a total forecast deficit of £0.132m.

In response to a Committee question regarding the forecast overspend, the Portfolio Holder for Finance, Property and Regeneration explained that discussions with those services with a significant forecast overspend would be considered at the Budget Oversight Group so that mitigations could be identified and service implications considered.

Resolved

(1)      That the report be noted.