Decision Maker: Cabinet
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
The Finance and Resources Portfolio Holder presented the third quarter financial monitoring report of 2020/21. The report provided the projected year-end position based on performance to the end of Quarter 3 2020/21 and officers planned actions to ensure a balanced budget by the end of the financial year.
In presenting the report in detail, the Portfolio Holder highlighted Appendix 1, which set out the revenues variances to date. Additional costs and loss of income for the remaining year had been expected to be £1.29m; the total expected service cost of the pandemic was £3.486m. The Portfolio Holder detailed the claims to date, made under the Government Sales Fees and Charges Support Scheme, adding that it was expected that a further claim for the remainder of 2020/21 would bring the total to £1.747m, which had reduced the total service cost of the pandemic to £1.569m. Overall, at the end of Quarter 3, budget monitoring had identified a forecast business as usual year-end overspend of £65k. The Portfolio Holder informed Members that any future carry forwards would be considered carefully, due to the impact on the deficit.
Appendix 2 set out the position on the Capital Programme. The capital budget for 2020/21, approved by Council in February 2020 had been £22.083m. The Finance and Resources Portfolio Holder highlighted a request for the re-profiling of £4.678m which had been set out at paragraph 3.2.3 as well as a Virement request for £314,000 to be transferred from reserves to the 2021/22 revenue budgets to fund the Community Led Housing Officer post and capacity grants.
The Finance and Resources Portfolio Holder thanked officers in the Finance Team for their continued hard work in continuing to ensure the proper running of the Council’s processes and providing timely information on the financial position of the Council.
The Leader echoed the Finance and Resources Portfolio Holder’s thanks to officers in difficult times adding his thanks to the Portfolio Holder for continually prudent management of the Council’s finances.
The Leader asked the meeting if the motion was agreed. There was no dissent.
RESOLVED – That
(1) the contents of the report and Appendices 1-3 be noted;
(2) Council be recommended to approve the re-profiling of the Capital Programme as shown in 3.2.3; and
(3) Council be recommended to approve the use of reserves for Community Housing Fund for 2021/22 as set out in 3.3.
Reasons for Decision
Regular budget monitoring forms part of the corporate governance arrangements that support all Council priorities.
Alternation Options Considered and Rejected
There are no alternative options in relation to Appendices 1-3 to the report.
Report author: Claire Chouchoulas
Publication date: 05/02/2021
Date of decision: 03/02/2021
Decided at meeting: 03/02/2021 - Cabinet