Purpose

The report is to inform on financial performance against budget as at June 2026

Decision

RESOLVED that:-

(a)      Cabinet approve the following:

(i)       the net re-profiling to the Capital Programme of £75.964 million from 2026-27 to 2027-28 to reflect estimated expenditure levels in the current financial year. This will defer capital budget into 2027-28 to reflect the revised timeline for the capital programme.

(b)      Cabinet note the following:

(i)       the projected overspend on services of £7.960 million and the assumptions outlined in this report;’

(ii)      the financial monitoring process is a continuous process, and it is not unusual to predict an overspend in the first formal monitoring report as pressures in the system are recognised and realised. Services are now taking appropriate action to bring the budget back into balance and corporately work is underway to ascertain if treasury management opportunities could improve the position further. An updated position for the 6 months to September will be presented to Cabinet on 8 December 2026;

(iii)      the supplementary estimates at Appendix A and the required changes to the budgets;

(iv)     the delivery of the 2026-27 approved savings and savings from previous years at Appendix B;

(v)      the use of the contingency shown at Appendix K;

(vi)     the use of reserves shown at Appendix L;

(vii)     the detailed savings schedule shown in Appendix M;

(viii)    the details of capital project reprofiling shown at Appendix N;