Decision - Targeted Budget Management (TBM) 2025/26 Month 7 (October)

This report presents the 2025-26 in-year financial performance to Month 7 (October) for noting by Cabinet and seeks approval for any capital variations, reprofiling, exception measures or new reserves.

1) Cabinet notes the forecast risk position for the General Fund, which indicates a potential forecast overspend risk of £7.776m. 2) Cabinet notes the forecast overspend risk for the separate Housing Revenue Account (HRA), which is an overspend of £1.216m. 3) Cabinet notes the forecast overspend risk for the ring-fenced Dedicated Schools Grant, which is an overspend of £2.463m. 4) Cabinet notes the forecast position on the Capital Programme which is an underspend variance of £10.963m. 5) Cabinet approves the capital budget variations and re-profiling requests set out in Appendix 6. 6) Cabinet approves the new capital schemes requested in Appendix 7. 7) Cabinet notes the Treasury Management mid-year review as set out in Appendix 8 and summarised in paragraph 9.

The report provides a Month 7 update on capital budgets, forecast outturns, variations, slippages and reprofiling across families and children, adult social care, city operations, central services and the Housing Revenue Account. Most non-HRA budgets are forecast to be on budget, while the HRA is forecast to underspend by £10.921 million, mainly because of delays to housing investment and building safety-related works.