Islington Council's Executive met on Thursday to discuss the second quarter budget monitoring report for 2025/2026, among other items.
The Executive reviewed the 2025-26 - Q2 Budget Monitoring Report, which included adjustments, allocations, receipts, and debt matters. According to the report, the General Fund (GF) is forecasting an underspend of -£0.496m as of Q2, as detailed in Table 1 (paragraph 3.2) of the report and Appendix 1. The Housing Revenue Account (HRA) is forecasting an overspend of +£2.477m as of Q2, as shown in Appendix 2.
Progress on delivering the 2025/26 agreed budget savings was noted, as detailed in Table 2 (paragraph 3.10) and Appendix 1C. The Executive approved the revenue budget virements and other budget adjustments outlined in Appendix 1.
The Executive also noted, and where necessary, agreed to debt write-offs outlined in paragraph 3.10 of Appendix 1.
Additionally, the Executive discussed the Quarterly Capital Budget Monitoring Report Quarter 2 2025-26, including adjustments to the capital programme and capital asset decisions. The forecast capital outturn for 2025/26 is £224.213m, as detailed in Appendix 1. The revised multi-year capital programme and its financing are outlined in Appendix 2.
Capital reprofiling with future financial years and budget adjustments approved by the Section 151 Officer were noted. The Executive approved the capital additions and reductions detailed in paragraphs 3.32 to 3.38 of the Quarterly Capital Budget Monitoring Report Quarter 2 2025-26.
The forecast expenditure and receipts for housing general fund revenue expenditure funded by capital under statute are detailed in Appendix 3.
