Decision details

RESOLVED:

That Cabinet:

1.          noted the latest budget forecasts of the General Fund, HRA, and Capital;

2.          approved net changes to the Capital Programme totalling £787,000; and

3.          Recommend to Council that the General Fund Corporate Priority Reserve is increased by £1.296 million.

KEY DECISION:

Report to Cabinet and Council

PORTFOLIO:

Finance and Corporate

ALTERNATIVE OPTIONS CONSIDERED/REJECTED:

As set out in the report.

DECLARATIONS OF INTEREST:

None

DISCUSSION:

The Portfolio Holder Finance and Corporate introduced the report and explained that the third quarter saw fairly minor budget variations and picked up previously resolved additional expenditure on bring-banks which had become more popular during the changes to the waste service. It was expected that the usage of these sites would settle down over time, but as it was currently an important service, additional funding had been allocated to enable its smooth operation. The report provided clarity on the Extended Producer Responsibility and the additional funding received towards the Refuse and Recycling service. 

The Strategic Director Corporate Resources and S151 Officer provided some further information on the report. He highlighted that there had been some reduction in the interest charges for the Housing Revenue Account (HRA) which was a positive change and meant that the Council could repay some additional loan principal. The Council was in the final stages of its budget preparations for the 2026/2027 financial year and that it would take into account the variations throughout the planning process.

A non-executive member was pleased that NFDC had seen matched funding become available to support improvement to Hythe Promenade as part of the investment supported by the UK Shared Prosperity Fund