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Cabinet minutes

Committee minutes · Cabinet · Mon 8 Jun 2026 · Hastings Borough Council

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Cabinet also noted a stronger-than-expected provisional financial position for 2025/26, with reserves stable at around £13.8 million, and recommended the Treasury Management and Capital Strategy 2026/27 to Full Council. p9p11

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  • p95. Provisional Financial Monitoring Report for 2025/26 as at 31 March 2026 (Period 12) The Chief Finance Officer presented the provisional financial outturn for the year ending March 2026, highlighting that the council’s overall financial position was stronger than expected. The council recorded a surplus in direct service expenditure, supported by departmental underspends and increased income, while reserves remained stable at around £13.8 million, including approximately £5 million in general reserves. The report also confirmed that no additional borrowing had been required, and outlined continued investment through the capital programme, particularly in housing. Although housing, especially temporary accommodation, remains a significant financial pressure, there were some positive developments, including a reduction in placements, which should help ease future costs. During discussion, Councillor Haffenden welcomed the report and noted that Overview and Scrutiny will now review Cabinet papers, adding greater oversight. Councillor Ross raised concerns about the rising cost of temporary accommodation and called for a clear delivery plan with defined actions and timelines. In response, Councillor Haffenden pointed to the existing housing strategy and confirmed that further detailed examination would take place through a dedicated scrutiny group beginning work in July. Other queries included an overspend in legal services, which the Chief Executive attributed to reliance on expensive external support, noting that a new shared legal service and increased in-house capacity should reduce costs going forward. Councillor Walker also asked about homelessness prevention work, with officers confirming that further detail would be provided but noting that initiatives such as landlord schemes are already in place to prevent people from reaching crisis point.
  • p116. Treasury Management and Capital Strategy 2026/27 The Chief Finance Officer presented a report that consider the draft Treasury Management Strategy, Annual Investment Strategy, Minimum Revenue Provision (MRP) Policy and Capital Strategy and make recommendations to full Council as appropriate. This is to ensure that there is an effective framework for the management of the Council's investments, cash flows and borrowing activities prior to the start of the new financial year. Under rule 13.3 the recommendations were agreed without being called for discussion. RESOLVED: Cabinet recommends to Full Council that: A. The Council approve the Treasury Management Strategy, Minimum Revenue Provision (MRP) Policy, Annual investment Strategy, and the Capital Strategy. B. The strategies listed are updated as necessary during 2026/27 in the light of changing and emerging risks and the Council’s evolving future expenditure plans. C. The Council approve the Treasury Management Annual Report 2025/26. D. The Council approve the 2025/26 Prudential and Treasury Indicators included in the report. Reasons for Recommendations: 1. The Council seeks to minimise the costs of borrowing and maximise investment income whilst ensuring the security of its investments. 2. The 2026/27 Budget included significant reductions in the Capital Programme to help the Council address its financial deficit including agreeing to asset sales, with the primary focus being on financial stability and addressing the housing crisis. 3. The CIPFA Treasury Management Code of Practice, previously adopted by the Council, takes account of the more commercialised approach being adopted by councils and the enhanced levels of transparency required. The Code has represented best practice and helps ensure compliance with statutory requirements. 4. The Council can diversify its investments and must consider carefully the level of risk against reward.

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