Agenda item

Report of the Director of Finance / Section 151 officer attached.

Decision made

That the Cabinet:

a)    With regard to the 2021/2022 Corporate Revenue Budget Monitoring Report and Reserves – position as at 30 September 2021:

1.    Notes the forecast position for revenue and reserves as at 30th September 2021.

2.    Notes the virements to the revenue budget made during the period, as detailed in Appendix 2 of the report.

b)    With regard to the 2021/22 Corporate Capital Programme and Balance Sheet Monitoring Report – position as at 30 September 2021:

1. Approves the revised capital programme as attached at Appendix A which includes approved amendments to the programme, as detailed at point 11 of the report, since the last Capital Monitoring report was approved by Cabinet in September.

2. Notes the variations to the programme, (which are detailed, by scheme, at Appendix Band referenced within the body of the report).

3.    Notes the position in the Balance Sheet Monitoring section of the report in respect of cash, investment and loan balances, and debtors as at 30th September 2021.

4.    Approves an increase in the capital programme for the Vernon Carus Sports Club project of £75,000, with £50,000 externally funded and the remaining £25,000 from the Council’s own funds.

c)    That the recommendations of the Scrutiny Budget and Performance Panel be approved.

The Cabinet Member (Finance, Property and Assets) presented a report of the Director of Finance and S151 Officer with two elements as follows:

1.    2021/22 Corporate Revenue Budget Monitoring Report and Reserves – position as at 30 September 2021; and

2.    2021/22 Corporate Capital Programme and Balance Sheet Monitoring Report – position as at 30 September 2021.

The Cabinet considered the recommendations made by the Scrutiny Budget and Performance Panel meeting held on Monday, 15 November 2021 which were as follows:

The Scrutiny Budget and Performance Panel:

1.    Thanks the Cabinet Member for Finance, Property and Assets and Director of Finance for their report and answering questions;

2.    asks that consideration be given to the housing benefit surplus of £149,000 being used to improve the speed of processing housing benefits claims;

3.    looks forward to an update on the recruitment of apprentices and reducing the £44,000 underspend; and

4.    expresses its gratitude to the Cabinet Member and staff for the site visit to Worden Hall held on 12 November 2021.

The Cabinet Member reported that the Council had received the offer of external funding of £50,000 towards the Vernon Carus Sports Club Project if the Council would provide a further £25,000 of match funding in addition to that already committed by the Council.  An additional recommendation was therefore proposed to increase the capital programme for this project by £75,000, with £50,000 being externally funded and £25,000 from the Council’s own funds.

The Leader updated that the Shared Services Joint Committee had agreed a new staffing structure that would improve the timescales involved in processing housing benefits claims.

Decision made

That the Cabinet:

a)    With regard to the 2021/22 Corporate Revenue Budget Monitoring Report and Reserves – position as at 30 September 2021:

1.    Notes the forecast position for revenue and reserves as at 30th September 2021;

2.    Notes note the virements to the revenue budget made during the period, as detailed in Appendix 2 of the report.

b)    With regard to the 2021/22 Corporate Capital Programme and Balance Sheet Monitoring Report – position as at 30 September 2021:

1.    Approves the revised capital programme as attached at Appendix A which includes approved amendments to the programme, as detailed at point 11 of this report, since the last Capital Monitoring report was approved by Cabinet in September;

2.    Notes the variations to the programme, (which are detailed, by scheme, at Appendix B and referenced within the body of the report);

3.    Notes the position in the Balance Sheet Monitoring section of the report in respect of cash, investment and loan balances, and debtors as at 30th September 2021.

4.    Approves an increase in the capital programme for the Vernon Carus Sports Club project of £75,000, with £50,000 externally funded and the remaining £25,000 from the Council’s own funds.

c)    Approves the recommendations of the Scrutiny Budget and Performance Panel.

Reasons for decision

Based on the position as at 30^th September 2021, there was a forecast underspend against the budget for 2021/22 of £274k as detailed in Appendix 1.

The Council’s Medium-Term Financial Strategy reported that working balances were to be maintained at a minimum of £4.0m due to the financial risks facing the Council.  The forecast level of general fund balances as at 31^st March 2022 is £4.415m.

The decision ensures the Council’s budgetary targets are achieved and that the Council’s Capital Programme is monitored effectively.

Alternative options considered and rejected

None, for the reasons given above.