|
On 10 July 2026 Cabinet:-
Approved the following to be included in the Council’s financial outturn:
(i) The decision not to utilise £11.0m of Exceptional Financial Support (EFS), in light of the underspend position for the year;
(ii) The use of, and contributions to, Grant and Earmarked Reserves and Balances (see Section 7 and Appendix 2 to the report);
(iii) The establishment of a provision for liabilities relating to the Regeneration Joint Venture, to be funded from Strategic Reserves, enabling the provision to be reflected in the 2025/26 Accounts. It is noted that budget provision is in place to repay these reserves in 2026/27;
(iv) The drawdown of the £5.4m increase to the Carry Forward Reserve in 2026/27, as set out in paragraph 1.8ii;
(v) The budget virements made in Quarter 4 of 2025/26, arising from work to improve budget accuracy and ensure proper alignment within the Chart of Accounts (see Section 6 and Appendix 4 to the report);
(vi) The write-off of outstanding individual debts over £25k relating to irrecoverable Business Rates and Sundry Debts, in accordance with the Council’s Constitution. Details are provided in Appendix 5 to the report, with further information available on request;
(vii) That the Section 151 Officer be authorised to make any necessary amendments arising from the external audit of the 2025/26 Statement of Accounts, with any subsequent changes to be reported to the Audit Committee and, where appropriate, to Cabinet and the Finance and Resources Overview and Scrutiny Committee;
That Cabinet Noted the Provisional Outturn position as follows:
(viii) The City Council’s provisional General Fund outturn position for 2025/26, showing an underspend of £23.6m (see Section 5 to the report);
(ix) The Collection Fund outturn (Council Tax, Business Rates, and Section 31 Grant income), which shows a deficit of £8.3m and will impact the 2027/28 budget position (see Section 8 to the report);
(x) The Council’s forecast reserves balance of £976.3m as at 31 March 2026 (see Section 7 to the report);
(xi) The allocations from Specific Contingency approved by the Section 151 Officer under delegated authority (see paragraph 5.19 and Table 3 to the report);
(xii) The Housing Revenue Account (HRA) overspend of £8.5m for 2025/26 (see Section 9 to the report);
(xiii) The Dedicated Schools Grant (DSG) underspend of £2.6m (see Section 10).
THE DEADLINE FOR CALL IN IS 1600 HOURS ON THURSDAY 16 JULY 2026.
|