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1202526Financial Update Reporttoendof March2026

Committee report · Cabinet · Mon 8 Jun 2026 · Hastings Borough Council · agenda item 5 · the whole meeting

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The minutes record: Noted. “RESOLVED (unanimously): To note the contents of the report, and the actions within the conclusion and management action section.” minutes ↗

In plain English

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Noted · Received for information; no decision followed.

The report says the General Reserve balance is forecast to remain at £4.9m at year end, above the Council's recommended minimum of £4.0m. p9p16

The report says the largest driver of the adverse variance was a £1.528m contribution to the Packaging Extended Producer Responsibility reserve, plus a £1.317m adverse variance in Temporary Accommodation due to higher-than-forecast placement numbers and sustained homelessness demand. p13p14

The report says of a £429,500 savings target for 2025/26 under the PIER programme, £263,410 had been achieved, 61% of the annual target. p8

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Show the 5 passages this is based on
  • p82. Delivery of the budgeted savings identified through the PIER programme remains ongoing. Of the total savings target of £429,500 for 2025/26, savings of £263,410 have been achieved to date, representing 61% of the annual target.
  • p93. In accordance with the revised Reserves Policy, the recommended minimum balance for the General Reserve is £4.0m. Following the application of the year-end outturn position, the General Reserve balance is forecast to remain above this threshold at £4.9m as at 31 March 2026.
  • p13Report Template v29.0 budgeted use of general reserves of £29,000. The most significant driver of the variance is the £1.528m contribution to the Packaging Extended Producer Responsibility (pERP) reserve. This funding was received after the budget was approved and has been prudently earmarked to meet future waste management obligations and related expenditure commitments.
  • p146. The outturn position also reflects continued financial pressures within Housing, with Temporary Accommodation (TA) reporting an adverse variance of £1.317m after reserve movements. This was due to higher-than-forecast numbers of households in privately procured temporary accommodation at the start of the financial year and sustained homelessness demand. Although placement numbers reduced during the year, the service continues to face structural pressures alongside limited government subsidy recovery against rising accommodation costs.
  • p168. The outturn also reflects the use of earmarked reserves to support operational and strategic priorities during the year, including finance transformation, Local Government Reorganisation activity and future Food Waste implementation costs. Despite the adverse variance, the Council’s General Reserve balance is forecast to remain at £4.9m at year end, which remains above the minimum recommended level of £4.0m set out within the Council’s Reserves Policy.

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