To receive Report No.66/2021 from the Strategic Director for Resources.

In consultation with Cabinet, Cllr Payne, Portfolio Holder for Finance, Governance and Performance, Change and Transformation:

1.    Noted the provisional outturn (subject to audit and finalisation of business rates figures) on the revenue budget and updated capital programme

2.    Approved budget carry forwards of £596k as per para 3.5.3 (b)

3.    Approved transfers to reserves of £631k as per para 3.5.3 (b)

4.    Approved of £408k funding to cover new service pressures as per Appendix E2

5.    Recommended to Council approval of 21/22 budget adjustments for new grant income of £1.567m and planned expenditure of £1.458m as per Appendix E1.

6.    Recommended to Council the setting up of one new reserve for donations received as detailed in section 3.5.3.

7.    Noted potential future pressures highlighted in Appendix G

8.    Noted changes to the capital programme as per Section 4 and Appendix F

Report No.66/2021 was introduced by Cllr Payne, Portfolio Holder for Finance, Governance and Performance, Change and Transformation. The purpose of the report was to inform Cabinet and all Members of the provisional revenue and capital outturn for 20/21 including the impact of COVID 19 on the Council’s finances, the latest position on the 21/22 budget and the latest Medium Term Financial Plan position including the financial gap. In advising Members of the latest position the report also sought approval for various transfers and budget adjustments.

During discussion the following points were noted:

·       The Portfolio Holder confirmed that she felt that there was nothing in this report, including the high levels of reserves that Scrutiny had commented on, which changed the need to make savings.

·       Reserves were above the levels of other unitary Councils but the Section 151 officer was grateful for these given the forthcoming budgetary pressures.

RESOLVED:

In consultation with Cabinet, Cllr Payne, Portfolio Holder for Finance, Governance and Performance, Change and Transformation:

1.    NOTED the provisional outturn (subject to audit and finalisation of business rates figures) on the revenue budget and updated capital programme

2.    APPROVED budget carry forwards of £596k as per para 3.5.3 (b)

3.    APPROVED transfers to reserves of £631k as per para 3.5.3 (b)

4.    APPROVED of £408k funding to cover new service pressures as per Appendix E2

5.    RECOMMENDED to Council approval of 21/22 budget adjustments for new grant income of £1.567m and planned expenditure of £1.458m as per Appendix E1.

6.    RECOMMENDED to Council the setting up of one new reserve for donations received as detailed in section 3.5.3.

7.    NOTED potential future pressures highlighted in Appendix G

8.    NOTED changes to the capital programme as per Section 4 and Appendix F