Agenda item - BUDGET MONITORING Period 4 2025/26

Executive Summary

This report provides an update on the Council’s financial performance and projected full year outturn position for 2025/26 for the revenue account, capital programme, reserve statement and budgeted savings performance as at the end of July 2025.

As at 31 July 2025, the General Fund projected surplus £0.138m for the full year 2025/26. This is after adjusting for all known variations and full year forecasting by service managers.

Options considered

This is an update report on the Council’s financial position and so no other options were considered.

Consultation(s)

This is an update report on the Council’s financial position and no other consultations were considered.

Recommendations

Members are asked to consider the report and recommend the following to full Council:

a) Note the contents of the report and the current forecast year end position.

b) Approval is requested from Full Council to decrease the 2025/26 capital budget for the Mundesley Coastal Defence scheme to £1,139,806 to reflect the apportionment of £250k from external contributions to the Cromer Scheme.

c) Approval is requested from Full Council to increase the 2025/26 capital budget for the Cromer Coastal Defences scheme to £1,096,067 to reflect the apportionment of £250k from external contributions from the Mundesley Scheme.

d) Note the contents of the Q1 Treasury Management update report, appendix F.

Reasons for recommendations

To update members on the current budget monitoring position for the Council.

Background papers

Budget report, Budget Monitoring reports

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

Daniel King

Assistant Director Finance & Assets

daniel.king@north-norfolk.gov.uk

01263 516167

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

Daniel King

Assistant Director Finance & Assets

daniel.king@north-norfolk.gov.uk 01263 516167

Decision

RESOLVED

To recommend the following to Full Council:

a) Approval is requested from Full Council to decrease the 2025/26 capital budget for the Mundesley Coastal Defence scheme to £1,139,806 to reflect the apportionment of £250k from external contributions to the Cromer Scheme.

b) Approval is requested from Full Council to increase the 2025/26 capital budget for the Cromer Coastal Defences scheme to £1,096,067 to reflect the apportionment of £250k from external contributions from the Mundesley Scheme.

c) Note the contents of the Q1 Treasury Management update report, appendix F.

Reason for the decision:

To update members on the current budget monitoring position for the Council.

Cllr L Shires, Portfolio Holder for Finance, Estates & Property Services, introduced this item. She began by welcoming the new Director of Resources, Mr D McCallum, to the Council and thanking the officers for their hard work and support.

Cllr Shires that a small surplus was currently projected for the end of the financial year, however, there were two more budget monitoring periods to go through and the situation could change.

It was proposed by Cllr L Shires, seconded by Cllr W Fredericks and

RESOLVED

To recommend the following to Full Council:

a) Approval is requested from Full Council to decrease the 2025/26 capital budget for the Mundesley Coastal Defence scheme to £1,139,806 to reflect the apportionment of £250k from external contributions to the Cromer Scheme.

b) Approval is requested from Full Council to increase the 2025/26 capital budget for the Cromer Coastal Defences scheme to £1,096,067 to reflect the apportionment of £250k from external contributions from the Mundesley Scheme.

c) Note the contents of the Q1 Treasury Management update report, appendix F.

Reason for the decision:

To update members on the current budget monitoring position for the Council.