Issue - meetings

To receive a report presenting details of the Council’s financial performance for 2025/2026 as at quarter 2.

Executive Councillor: B Mickelburgh

The Cabinet

(1)  considered and commented on the revenue financial performance for the financial year 2025/26 quarter 2, as detailed in Appendix 1 and summarised in paragraph 3.2; and

(2)  considered and commented on the capital financial performance for 2025/26 quarter 2, as detailed in Appendix 2 and summarised in paragraph 3.3.

A report by the Interim Corporate Director – Finance and Resources was submitted (a copy of which is appended in the Minute Book) which presented details of the Council’s financial performance for 2025/2026 as at quarter 2.

The Executive Councillor for Finance & Resources – Councillor Mickelburgh set out the report, noting that the Council was in a good situation and things were very well managed. The team of officers were on top of everything and planning was going into the budget for next year, so he commended them on the job they were doing on the revenue side.

In response to questions from the Cabinet, the Executive Councillor for Finance & Resource, Councillor Mickelburgh advised that in terms of the Cambridgeshire Local Government Pension Fund, which was currently undergoing a valuation process, this had been looked at 18 months ago and based on financial risk and prudence it was better to maintain the current contributions to the pension fund. Once the current valuation had been undertaken, though he did not want to speculate, it would be a topic for conversation as that data arrived.

Furthermore, the Council was on track in comparison to previous years. The Council had always been prudent and looked to have a defensive position but if money arrived and they were in a position to do something, that bonus would be taken at that point in time in order to do something good with it. Inflation was currently running ahead of what Council Tax could be increased by so the challenge for the team at the end of the year would be that they would have less money if they did nothing extra because of that. That was why the Council was running finances prudently; not gambling but making sensible decisions, then implementing once in a position to – a model which they were excelling at.

The Cabinet commented that the prudent approach involved being careful and cautious as to uncertainties and headwinds. It was visible that elements of the positive picture were a function of good work and careful budget management by officers; in particular, nearly a million pounds recorded as an underspend. The £800k from Planning Performance Agreements recorded as an underspend, but it was income brought in for specific work the Council was doing collaboratively with developers and investors in to Huntingdonshire which illustrated the partnership influencing approach put at the forefront of how the Council operated. Furthermore, the Cabinet thanked officers for their dedication and making sure the Council had good financial reporting; they had worked hard and done their jobs diligently to ensure the resources available were deployed in the best way possible.

Whereupon, it was

RESOLVED

that the Cabinet

(1)  considered and commented on the revenue financial performance for the financial year 2025/26 quarter 2, as detailed in Appendix 1 and summarised in paragraph 3.2; and

considered and commented on the capital financial performance for 2025/26 quarter 2, as detailed in Appendix 2 and summarised in paragraph 3.3.