Decision Maker: Cabinet
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
The Finance and Assets Portfolio Holder presented the third quarter financial monitoring report of 2021/22. The report provided the projected year end position based on performance to the end of Quarter 3 and officers’ planned actions to ensure a balanced budget by the end of the financial year.
The report and appendices included details relating to the revenue budget, capital expenditure, collection of Council Tax and business rates and the Council’s current position with regard to debt collection.
Appendix 1 set out the revenue variances to date, highlighting the best estimate of additional costs and loss of income from Covid-19 for 2021/22 which were £570,600 which suggested a saving against the contingency budget of £126,900. Regarding the Business as Usual (BAU) position, there had been an overspend of £46,000 which was likely to be closed as the year end approaches.
Appendix 2 set out the position on the capital programme, following a review of the capital programme in the autumn of 2021, the programme was now valued at £14.602 million for 2021/22 with nearly £5 million being spent as at 31/12/2021, it was felt that most of the budget would be spent before the end of the financial year due to grants where agreements had been close to being finalised.
Table 4 in the report set out Local Taxation Collection rates which remained low but included more payment plans, the Finance and Assets Portfolio Holder added that improvements were expected moving forwards and that Section 3.6 referred to the write-off of two debts due to the age of the debts.
RESOLVED – That
(1) The content of the report and appendices 1-3 be noted; and
(2) The write-offs as detailed in Section 3.6.1 be approved.
Reasons for Decision
This is a corporate financial update which contributes to sound corporate governance and ensuring that financial resources are available to deliver the Council’s corporate priorities. This works towards delivering all of the Council strategic policies of:
· Working across boundaries;
· Delivering a balanced community;
· A fairer South Lakeland; and
· Addressing the climate emergency
Alternative Options Considered and Rejected
There are no alternative options for Appendices 1-3.
Report author: Claire Read
Publication date: 11/02/2022
Date of decision: 09/02/2022
Decided at meeting: 09/02/2022 - Cabinet