Purpose

To provide an integrated finance, performance
and risk update against Our City: Our Plan priorities for
2025-2026.

Content

That Cabinet noted:
1.   
The General Fund projected outturn for 2025-2026 is currently an
overspend of £5.5 million as detailed in section 4 of the
report.
 
2.   
The Housing Revenue Account (HRA) is projecting an overall
underspend of £1.8 million for 2025-2026 which is proposed to
be used to support the costs of the capital programme, reducing the
borrowing requirement as detailed in section 6 of the report.
 
3.   
Good progress is being made against the £25.2 million of Our
Future Council saving target / proposals for 2025-2026. However,
there is currently circa £2.5 million of savings at risk of
slippage / non-delivery as detailed in paragraphs 4.11 to 4.14 and
in Appendix 3 to the report.
 
4.   
The Deputy Director of Finance (Deputy Section 151 Officer) had
approved write-off of debts against the expected credit loss
provision as detailed in Appendix 6 to the report.
 
5.   
The latest version of the Strategic Risk Register approved as
detailed in Appendix 7 to the report would be presented to Audit
and Risk Committee on 24 November 2025.
 
That Cabinet approved:
1.   
The use of up to £800,000 from the Insurance Reserve to fund
additional expenditure as detailed in paragraph 8.6 of the report
and establishment of associated supplementary budgets.

 
2.   
The use of £20,000 from the Climate Change Reserve Earmarked
to fund a feasibility study as detailed in paragraph 8.7 of the
report and establishment of associated supplementary budgets.

 
3.   
The use of £150,000 from the Sustainable Medium Term
Financial Strategy (MTFS) Reserve to fund additional support within
the SENSTART Service as detailed in paragraph 8.8 of the report and
establishment of associated supplementary budgets.

 
4.   
The use of £54,410 from the Sustainable MTFS Reserve to fund
additional support within Commissioning as detailed in paragraph
8.9 of the report and establishment of associated supplementary
budgets.

 
5.   
Actioning the pay award virement from Pay Award Provision held
Corporately to services totalling £5.9 million as detailed in
paragraph 4.6 and included in Appendix 9 to the report.

 
6.   
Delegation to the Section 151 Officer to action any subsequent pay
award virements as necessary.

 
7.   
A further 10 virements totalling £2.4 million, for transfers
within directorates, as detailed in Appendix 9 to the report.
8.   
The write-off of debts against the expected credit loss provision
as detailed in Appendix 6 to the report.
 
9.   
The General Fund Budget 2025-2026 and MTFS risk register as
detailed in Appendix 8 to the report.
 
10.The establishment of
supplementary budgets within 2025-2026 that have no impact on the
Council’s net revenue budgets as the expenditure is fully
funded from grant or other external income source as detailed in
Section 7 of the report.