Issue - meetings

RESOLVED: Cabinet resolved to:

1. Approve the draft revenue outturn position for 2025/2026 (section 2).

2. Review and agree the new transfers to the Change Management Reserve as stated in para 2.3.

3. Review and agree the amendments to the Earmarked Reserves Policy (Section 4.)

REASON FOR DECISION: To consider and approve the draft revenue outturn position for 2025/2026 for the Council.

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Cabinet noted that the Corporate Performance Panel had considered this report and supported the recommendations to Cabinet.

Councillor Morley introduced the report and thanked all those involved for delivering a positive year-end financial position.

The Assistant Director for Finance presented the report and highlighted the favourable outturn position. He drew attention to the impact of the Internal Drainage Board (IDB) Levy, which had been estimated at the time the budget was set, the Council's short-term borrowing requirements during the year, and the effect of the Government grant awarded to local authorities affected by increases in IDB levies.

Cabinet was advised that the year-end surplus would be transferred to the Change Management Reserve. It was also noted that the General Fund Reserve remained at a healthy level.

The Assistant Director for Finance referred Members to section 3.14 of the report, which detailed performance against the savings and efficiencies target. The Chair, Councillor Beales, commended the achievement of the savings target, particularly given the challenging nature of the target that had been set.

Councillor Rust thanked officers and all those involved in helping to ensure that the Council remained in a healthy financial position.

Councillor Ring also commended the achievements in delivering the savings and efficiencies programme and congratulated all those involved on the positive outcome.

Councillor Lintern thanked officers for presenting the financial information in a clear and easy to understand format and sought clarification on the reduction in the level of the Climate Change Reserve. In response, the Assistant Director for Finance explained that the reserve was intended to support the delivery of the Council's Climate Change Strategy and that the relevant Portfolio Holder was working with officers to maximise external funding opportunities. He further advised that the reduction reflected a rebalancing of reserve levels to ensure they remained appropriate and was primarily a housekeeping exercise.

RESOLVED: Cabinet resolved to:

1. Approve the draft revenue outturn position for 2025/2026 (section 2).

2. Review and agree the new transfers to the Change Management Reserve as stated in para 2.3.

3. Review and agree the amendments to the Earmarked Reserves Policy (Section 4.)

REASON FOR DECISION: To consider and approve the draft revenue outturn position for 2025/2026 for the Council.