Issue - meetings

The Director of Finance and Section 151 Officer presented the Quarter One Financial Monitoring Report 2026/27.

Members were advised that, as at the end of June 2026, a projected revenue overspend of £0.738 million had been identified, as set out within the report. The Committee was informed that the report detailed the forecast variances across each service area.

In relation to the Capital Programme, it was reported that an expenditure of two million pounds had been incurred against an approved budget of twenty-nine million pounds.

The Committee was advised that a review of budget allocations across service areas was currently being undertaken and that many of the identified variances were expected to be addressed by Quarter Two. Members also noted that more detailed information regarding the Capital Programme would be provided in future monitoring reports, following completion of a wider review of the Capital Programme.

The Portfolio Holder for Finance acknowledged that a detailed review of budgets would be undertaken. He further commented that, whilst savings had been delivered, significant budget pressures remained, including those associated with the Innovation Centre and the Town Hall. The importance of closely scrutinising expenditure, understanding ongoing spending commitments and ensuring the delivery of a balanced budget was emphasised.

RESOLVED that

1)    The full year forecast revenue position for 2026/27 is an overspend of £0.738m which will be funded from the General Fund Balance at year end if the position remains as an overspend.

2)    The 2026/27 actual capital position at Q1 is £2.011m against a total approved programme of £28.948m.

3)    The Ward Budget allocation for 2026/27 of £54,000 had approved allocations at £11,490 as at 30th June 2026.

4)    The General Fund Opening Balance of £9.986m, adjusted in year to £9.248m as a result of the overspend.

5)    To note the forecast position in respect of the GF Earmarked Reserves is £20.957m and HRA Earmarked Reserves is £9.160m as at 30th June 2026.

6)    To note the updated procurements position set out in Appendix A to the minutes, with any new items over £200k to be included on the forward plan.