URL: https://cds.bromley.gov.uk/ieDecisionDetails.aspx?ID=11226

Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose:

Content:   Report FSD260223   The report considered the 2025/26 provisional outturn at portfolio level and Council wide as well as the potential implications for the Council’s financial position in 2026/27.  The purpose of the report was to give a broad overview of the financial outturn.  The report highlighted a significant overspend during 2025/26 mainly arising from additional growth/cost pressures.  An increase in interest on balances, release of remaining central contingency sum and a significant ‘balance sheet review’ including a review of all provisions and historic credit balances included in historic accounts had generated significant savings.  All these factors combined resulted in an overall reduction in the council’s reserves set aside to support the 2025/26 Budget.  The Council had to deliver a balanced financial position and these variations resulted in a reduction in balances being used to support the 2025/26 Budget and outturn from £13,530k to £9,558k.   More detailed reports would be submitted to individual PDS Committees.  Details of the carry forward requests and a summary of the Council’s capital programme were also considered in the report.   The report had been scrutinised by the Executive, Resources and Contracts PDS Committee at its meeting on 22 June 2026 and the Committee supported the proposals.   RESOLVED: That:   1.  The provisional revenue outturn for the 2025/26 financial year and the earmarked balances on the General Fund as at 31st March 2026 be noted;   2.  The variations in 2025/26 impacting on the Council’s 2026/27 financial position as detailed in Paragraph 4.1 be noted;   3.  The comments from Chief Officers as detailed in Appendix 2 be noted;   4.  The requests for carry forwards as detailed in Appendix 6 be approved, subject to the funding being allocated to the Central Contingency in 2026/27 to be drawn down on the approval of the relevant Portfolio Holder;   5.  The changes to the central contingency sum as detailed in Paragraph 4.5 be agreed;   6.  The transfer of £950k into an earmarked reserve for IT Innovation Fund as detailed in Paragraph 4.7 be agreed;   7.  The transfer of £1,166k into an earmarked reserve for Revenue Collection as detailed in Paragraph 4.8 be agreed; and,   8.  The transfer of £298k into an earmarked reserve for Elections as detailed in Paragraph 4.9 be agreed.

Date of Decision: June 24, 2026