Issue - meetings

To update Members on the principal areas where there are likely to be departures from the 2025/26 revenue budget and summarise those variations to the end of September 2025 including updates on progress with the capital programme and funding and any amendments to the lending list for treasury management purposes.

RESOLVED

That the Executive:

1.     Approve the revenue budget variations for 2025/26 as shown at appendix 1.

2.     Approve the updated capital programme as shown at appendix 2.

3.     Note the updated lending list as shown at appendix 3.

4.     Note the mid-year review of Treasury Management shown at appendix 4.

The Executive considered the report which updated Members on the principal areas where there are likely to be departures from the 2025/26 Revenue Budget to the end of September 2025. The report’s appendices included updates on progress with the Capital Programme, the lending list for Treasury management purposes and the mid-year Treasury management review.

At the end of September 2025, there is a favourable variance of £820,000 in the 2025/26 Budget.

Councillor Parrott introduced the report and appraised the Executive of the key areas within the report including those service areas with budget variations, an update on the Capital Programme and specific projects within the Capital Programme. Councillor Parrott highlighted the planned use of £1.5 million reserves within the 2025/26 Budget and the continued pressure on the Council’s finances for 2026/27 and 2027/28 which envisages a continued use of earmarked reserves to deliver a balanced budget.

Councillor G Taylor asked for clarification regarding the Business Rates Review as announced by the Government. The Head of Financial Services and Audit responded orally to the question making reference to changes regarding revaluations, multipliers and the discount scheme for leisure and hospitality.

Councillor Nutley spoke to this item and thanked the Head of Leisure and Leisure Team regarding the increased leisure memberships.

It was PROPOSED by Councillor Parrott and SECONDED by Councillor Buscombe and

RESOLVED

That the Executive:

1.     Approve the revenue budget variations for 2025/26 as shown at appendix 1.

2.     Approve the updated capital programme as shown at appendix 2.

3.     Note the updated lending list as shown at appendix 3.

4.     Note the mid-year review of Treasury Management shown at appendix 4.