Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: March 11, 2026

Purpose:

Content: Cabinet received a report providing an update on the projected General Fund (GF), Housing Revenue Account (HRA) and Capital 2025/26 net expenditure and seeking approval to amend the General Fund, HRA and Capital budgets as part of the quarterly revenue monitoring review.   The Portfolio Holder for Resources advised that the Q3 position showed a modest £68k General Fund pressure, driven largely by transitional costs at the Indoor Market, increased provisions for historic insurance liabilities, higher external audit fees, and operational pressures including repairs and vehicle hire.  She also advised that the HRA was projecting a £1.234m underspend, mainly due to higher interest on balances, lower repairs and maintenance costs, and vacancy?related savings, with some offsetting pressures from damp and mould work and lower rent income linked to timing of development and Right to Buy sales.   The Strategic Director and Chief Financial Officer advised that the HRA variation related to an increase in investment income driven by capital receipts received in terms of right to buy and grant received that had not yet been spent.  It was noted that borrowing had also been taken due to the good preferential interest rate at the time which the Government had confirmed would continue until the end of the next financial year.   It was RESOLVED:   General Fund   1             That the 2025/26 third quarter projected net increase in General Fund expenditure of £68,060 be approved. 2             That the proposed movement on reserves as detailed in paragraph 4.3.1 be noted. 3             That pavilion related Fees & Charges for the financial year 2026/27 for the General Fund (GF), as shown at Appendix C, be approved.   Housing Revenue Account   4             That the 2025/26 third quarter net decrease in HRA expenditure of £1,234,310 be approved. Capital Programme 5             That the General Fund capital budget re-phasing of £3,260,842 from 2025/26 to future years be approved. 6             That the Housing Revenue Account capital budget re-phasing of £7,762,388 from 2025/26 to future years be approved. 7             That net changes to budgets of £230,000k fully funded by external contributions in paragraph 4.9.2 be noted. 8             That General Fund virement and update of £90,000 in paragraph 4.9.2 be approved. 9             That the proposed changes to the funding of the General Fund and HRA capital budgets in section 4.10 be approved.