Overview and Scrutiny Committee minutes

Committee minutes · Overview and Scrutiny Committee · Mon 9 Mar 2026 · Hastings Borough Council

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The Committee noted that the council's financial position at year end was forecast to show a surplus of about £217,000 after transfers and use of reserves, though housing budgets remained about £750,000 above budget. p12

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p126. Financial and Performance Monitoring Report Kit Wheeler, Chief Finance Officer, reported that the financial position at year end was forecast to be positive, with an estimated surplus of £217,000 after transfers and use of reserves. This was a significant improvement compared with previous years and reflected the progress the council had made in strengthening its financial position. Members were thanked for unanimously agreeing the budget and for taking on board professional advice throughout the year. The forecast was based on the position in December 2025, and while final figures were still subject to year?end movements, the outlook remained more positive than expected at the start of the financial year. The Chief Finance Officer explained that pressure continued within housing budgets, although the overspend forecast had reduced over the year, the service was still projected to be £750,000 above budget. Previous reports to the committee from the Head of Housing had outlined the underlying issues, and housing budgets were still affected by factors outside the council’s control. At the invitation of the Chair, the Chief Finance Officer responded to the questions the committee had submitted in advance. Members had asked why reserves were significantly above the minimum. It was explained £4m miniumum threshold already accounted for risks such as housing pressures, overspends and under?achievement of savings. Whilst the current levels of reserves were greater, they were not guaranteed to remain so, and unforeseen events could quickly diminish reserves. It was stressed that it would not be responsible to spend down the balance simply to align to the minimum level, and any spending proposals would still need to meet proper business?case requirements and satisfy the Capital Assurance Board process. The Chief Finance Officer then emphasised that holding greater reserves was good financial management, particularly given external risks.

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Hastings Borough Council

Other papers for this meeting

02 Appendix B District overview Hastings ESCC PH · Committee report
2025-26 P9 Finance, Risk & Performance Report to end of December 2025 · Committee report
Overview and Scrutiny Committee agenda · Committee agenda
Appendix 1 - Budget Monitoring Tables 2025-26 P9 December 2025 · Committee report
Appendix 3 - 2025-26 PIER Savings P9 · Committee report
Final ESC report Mar 2026 · Committee report
Minutes Public Pack, 21/01/2026 Overview and Scrutiny Committee · Committee report
Q3 O&S Work Programme 2025-2026 · Committee report
Updated Printed plan Forward Plan of Cabinet Decisions from 25th March to July 2026 Cabinet · Committee report

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