Issue - meetings

That:

·       The revenue budget virements as set out in Appendices 1 to 3 and noted in paragraph 2.1.4 be approved and incorporated into the three-year medium-term financial plan.

·       The revenue budget supplementary estimates of £0.067m as set out in appendices 1 to 3 and noted in paragraph 2.1.5 be approved and incorporated into the three-year medium-term financial plan.

·       The revenue variances to be managed of £0.001m as set out in appendices 1 to 3 and noted in paragraph 2.1.6 be noted.

·       That the capital budgets of £11.429m as set out in appendices 1 to 3 and noted in paragraph 2.4.2 be approved and incorporated into the three-year medium-term financial plan.

Councillor Price introduced the report, explaining that it set out the Council’s financial performance against the approved budget as at 30 September 2025. It was highlighted that the report demonstrated prudent financial management during a period of ongoing economic uncertainty and inflationary pressure on local government services.

Members attention was drawn to the overall revenue position, levels of reserves, and capital programme monitoring. The Council’s audit report was noted with no weakness which had been identified In the Council’s financial reporting arrangements. Councillor Price thanked the finance team for their continued diligence and professionalism.

During debate Members commented on the Council’s strong financial governance and the importance of maintaining adequate reserves in light of future funding uncertainty and potential local government reorganization.

Councillor Price moved the recommendations and seconded by Councillor Giles-Medhurst. On being put to the Council, the motion was declared CARRIED with the voting being For 23, Against 0, Abstentions 12.

That:

·         The revenue budget virements as set out in Appendices 1 to 3 and noted in paragraph 2.1.4 be approved and incorporated into the three-year medium-term financial plan.

·         The revenue budget supplementary estimates of £0.067m as set out in appendices 1 to 3 and noted in paragraph 2.1.5 be approved and incorporated into the three-year medium-term financial plan.

·         The revenue variances to be managed of £0.001m as set out in appendices 1 to 3 and noted in paragraph 2.1.6 be noted.

·         The capital budgets of £11.429m as set out in appendices 1 to 3 and noted in paragraph 2.4.2 be approved and incorporated into the three-year medium-term financial plan.

The Director of Finance introduced the report.

Members expressed their gratitude to officers on the work they have done. Key topics Members raised include approval and noting of supplementary estimates and capital budgets, urgent maintenance works on the Aquadrome footpath, and discussion on the real living wage impact on contract costs. The officer emphasised that the Council is managing inflation and wage increases through contingency budgeting. Recycling costs and their variability due to market fluctuations were addressed, along with the Council’s approach to tracking and forecasting these costs. Investments yields remain strong but there is some optimism due to potential market and regulatory changes, including the end of upward-only rent reviews affecting commercial properties. The Council is proactively managing leases to secure long-term certainty and maximise property value. Confidentiality needs to be maintained around ongoing contract negotiations with outcomes to be reflected in future budget monitoring.

Councillor Stephen Giles-Medhurst moved the recommendation and set out in the report.

On being put to the Committee, the motion was declared CARRIED by the Chair, the voting being For 7, Against 0, Abstentions 4.

RESOLVED:

That:

• The revenue budget virements as set out in Appendices 1 to 3 and noted in paragraph 2.1.4 be approved and incorporated into the three-year medium-term financial plan.

• The revenue budget supplementary estimates of £0.067m as set out in appendices 1 to 3 and noted in paragraph 2.1.5 be approved and incorporated into the three-year medium-term financial plan.

• The revenue variances to be managed of £0.001m as set out in appendices 1 to 3 and noted in paragraph 2.1.6 be noted.

• The capital budgets of £11.429m as set out in appendices 1 to 3 and noted in paragraph 2.4.2 be approved and incorporated into the three-year medium-term financial plan.