Decision details

Corporate Financial Update Quarter 1, 2021/22

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Decisions:

Summary

 

The Deputy Leader and Finance and Assets Portfolio Holder presented the Corporate Financial Monitoring report highlighting the Council’s projected year end position based on performance to the end of Quarter 1 of 2021/22 and officers’ planned actions to ensure a balanced budget by the end of the financial year.  He pointed out that the report confirmed that the Council continued to be in a good financial position despite the impact of the Covid-19 pandemic.

 

The report had also been considered by the Overview and Scrutiny Committee at its meeting on 27 August 2021.

 

Decision

 

RESOLVED – That

 

(1)        the contents of the report and Appendices 1-3 be noted; and

 

(2)        Council be recommended to approve the following:-

 

(a)        the revenue virements listed in 3.1.2 and to delegate authority to the Lead Specialist Legal Governance and Democratic Services in conjunction with the relevant Operational Lead to enter into the relevant grant agreements accordingly;

 

(b)       the use of the reserves as per paragraph 3.1.3 in the report; and

 

(c)        the increase in the Interest Rate Exposure Limit for Variable Rate Investments to £30m from £20m as set out in paragraph 3.3.4 of the report.

 

Reasons for Decision

 

Regular budget monitoring forms part of the corporate governance arrangements that support all Council priorities.

 

Alternative Options Considered and Rejected

 

There are no alternative options.

Report author: Claire Read

Publication date: 03/09/2021

Date of decision: 01/09/2021

Decided at meeting: 01/09/2021 - Cabinet

Accompanying Documents: