13 Financial Management 2021/22 to 2024/25 and Framework for Change 2020 - Revenue and Capital Budget Update 2021/22 including the Financial Impact of COVID-19 on the 2021/22 Budget - September Update 
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Report of the Executive Director of Corporate
Resources and Customer Services
Minutes:
Further to Minute No. 45 of the
meeting of the Cabinet held on 2 September 2021 the Committee
considered the report of the Executive Director of Corporate
Resources and Customer Services that advised
of:
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(1)
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the current estimated financial
impact of COVID-19 on the 2021/22 Budget;
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(2)
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the current forecast revenue
outturn position for the Council for 2021/22;
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(3)
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the current forecast on Council
Tax and Business Rates collection for 2021/22; and
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(4)
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the monitoring position of the
Council’s capital programme to the end of July 2021 relating
to:
- the
forecast expenditure to year end;
- variations against the approved budgets and an explanation of
those variations for consideration by Members;
- updates to spending profiles and proposed amendments to capital
budgets necessary to ensure the efficient delivery of capital
projects are also presented for approval.
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The Cabinet had
resolved (Minute No. 45) that:
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A.
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in respect of the
Revenue Budget:
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(1)
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the current financial
implications of COVID-19 on the 2021/22 Budget together with the
key issues that will influence the final position, be
noted;
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(2)
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the current position
relating to the 2021/22 revenue budget be noted; and
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(3)
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the financial risks
associated with the delivery of the 2021/22 revenue budget be
recognised and it be acknowledged that the forecast outturn
position will continue to be reviewed to ensure a balanced forecast
outturn position and financial sustainability can be
achieved;
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B.
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In respect of the
Capital Programme:
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(1)
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the spending profiles
across financial years for the approved capital programme, as
outlined within paragraph 7.1of the report, be noted;
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(2)
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the Council be
recommended to approve a supplementary capital estimate of
£1.875m for the development of Southport Town Deal projects,
as outlined within paragraph 7.10 of the report;
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(3)
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the Council be
recommended to approve a supplementary capital estimate of up to
£2.500m for the pre-development phase of the Marine Lake
Events Centre, subject to the bid to the Liverpool City Region
Combined Authority to fund the works being successful, as outlined
within paragraph 7.10 of the report;
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(4)
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the latest capital
expenditure position as at 31 July 2021 of £9.316m, as
outlined within paragraph 7.3 of the report, together with the
latest full year forecast of £45.475m, as outlined within
paragraph 7.4, be noted;
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(5)
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the explanations of
variances to project budgets, as outlined within paragraph 7.7 of
the report, be noted; and
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(6)
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it be noted that
capital resources will be managed by the Executive Director
Corporate Resources and Customer Services, to ensure the capital
programme remains fully funded and that capital funding
arrangements secure the maximum financial benefit to the Council,
as outlined within paragraph 7.13 of the report.
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Members of the
Committee asked questions/commented on the following
issues:
·
the supplementary capital estimate of £1.875m
for the development of Southport Town Deal projects and potential
revenue implications associated with the proposals
·
a concern was expressed at the governance
arrangements of the Southport Town Deal Board in relation to
Southport elected Member involvement
·
the large reduction in capital spending from
£46.1m ...
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