Agenda item

Report of the Director of Finance enclosed.

Decision made

a)    2021/22 Corporate Revenue Budget Monitoring Report - position as at 31st July 2021

1.To note the forecast position for revenue and reserves as at 31^st July 2021.

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

b)    2021/22 Corporate Capital Programme and Balance Sheet Monitoring Report – position as at 31st July 2021

1.    To approve the revised capital programme attached at Appendix A which reflects all amendments to the programme that have been approved in the 4 months to 31^st July 2021, as detailed in paragraph 11.

2.    To approve the following variation to the programme, which has been included in Appendix B.

c)    That the comments of the Scrutiny Budget and Performance Panel be welcomed and accepted.

The Cabinet Member (Finance, Property and Assets) presented a report of the Director of Finance with 2 elements:

1)    setting out the revenue and reserves forecast for the Council as at 31^st July 2021 and

2)    overall financial position of the Council in respect of the capital programme as at 31^st July 2021.

Arising from discussions a question was asked by a member concerning pension costs. A response was provided by the Director of Finance.

A member of the public referred to allocation within the capital programme for both leisure facilities in 2023/24 and the Decarbonisation Scheme and enquired which was the priority.

The Deputy Leader and Cabinet Member (Health and Wellbeing) indicated that both were important priorities. He stressed that ageing leisure centre stock needs investment but there is no set date on when this will happen.

Decision made

a)    2021/22 Corporate Revenue Budget Monitoring Report - position as at 31st July 2021

1.    To note the forecast position for revenue and reserves as at 31^st July 2021.

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

b)   2021/22 Corporate Capital Programme and Balance Sheet Monitoring Report – position as at 32st July 2021

1.      To approve the revised capital programme as attached at Appendix A which reflects all amendments to the programme that have been approved in the 4 months to 31^st July 2021, as detailed in paragraph 11.

2.    To note the position in the Balance Sheet Monitoring section of the report in respect of cash, investment and loan balances, and debtors as at 31^st July 2021.

c)    That the comments of the Scrutiny Budget and Performance Panel be welcomed and accepted.

Reasons for decision

There is a forecast break-even position against the budget at 31^st July 2021 as detailed in Appendix 1 of the report.

The Council’s Medium-Term Financial Strategy reported that working balances were to be maintained at existing levels due to the financial risks facing the Council.  The balance at the last reporting period (2020/21 Outturn) was £4.141m.  The forecast level of general fund balances as at 31^st March 2022 remains at £4.141m.

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

Alternative Options Considered and Rejected

None.