Agenda item

To consider the report of the Director of Finance (copy enclosed).

The Committee considered the report of the Director of Finance providing an updated financial position for the period ended 30 September 2025. The report provided an update on a number of areas including the following:

·                Director and Directorate structure following implementation of new Senior Officer structure from 13 October 2025. It was noted that the reporting structure would be updated from1 November 2025 and reflected in reports from period 7.

·                Revenue Budget Monitoring (Quarter Two (Q2)), including the underspend against the 2025 / 26 budget. Appendix 1 to the report providing further detail of this and surplus arising from increased interest income and better receipts from the Planning team.

·                Capital budget monitoring (Q2), including the underspend projected against the revised 2025 / 26 Capital Programme. Appendix 2 to the report provided details of the main projects. It was noted that the main delay in spend was in relation to the investment works planned for Blackwater Leisure Centre, following discussions with the contractor it was confirmed that some works would be carried out this financial year and some in the 2026 / 27 year.

·                Reserves – Appendix 4 to the report detailed the movements on Reserves for 2025 / 26.

The Director of Finance drew Members’ attention to Appendix 3 and highlighted the proposal to move £70,000 from the transformation reserve to cemetery equipment to implement a digital solution for the Council’s Cemeteries service. The proposed move supported a key area for residents.

In response to a query regarding the Triennial Pensions Payment of £240,000 detailed in Appendix 4, the Director advised that this was an error, and it had been confirmed that as the gap had been closed this amount was no longer required. He would ensure the Appendix was updated.

The Director highlighted the work of the Finance Working Group which worked with Officers to ensure that the Council had sufficient contingencies built into schemes. As a result, the Director was hopeful that Members would see less requests for virements due to the work being undertaken in respect of contingency planning.

The Chairperson asked the Committee to note recommendations (i) – (iii) and (vi) as set out the report and this was duly agreed. He then moved recommendations (iv) and (v) which required approval by the Committee. This was duly seconded and upon a vote being taken agreed.

RESOLVED

(i)             That the forecast revenue outturn as at 30 September 2025 be noted as being £67k under budget (0.5%) against the net service budget of £13,787k;

(ii)            that the Committee notes additional interest income (£231k) is forecast due to delayed capital expenditure and as a result, the surplus will be transferred to the earmarked reserve;

(iii)           that the Committee considered the forecast capital outturn as at 30 September 2025 which was for a total capital programme delivery of £5,234k against revised budget of £6,550k;

(iv)           that the virements and budget amendments as set out in Appendix 3 to the report be agreed;

(v)            that the movements in Earmarked Reserves set out in Appendix 4 to the report be agreed;

(vi)           that the revenue budget reconciliation detailed in Appendix 5 to the report be noted.