Agenda item

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 - December Update

Report of the Executive Director of Corporate Resources and Customer Services.

 

Minutes:

The Cabinet considered the report of the Executive Director of Corporate Resources and Customer Services informing the Cabinet of:

 

1.       The current financial implications of COVID-19 on the 2021/22 Budget;

2.       The current position relating to the 2021/22 revenue budget;

3.       The current forecast on Council Tax and Business Rates collection for 2021/22;

4.       The monitoring position of the Council’s capital programme to the end of October 2021:

·       The forecast expenditure to year end;

·       Variations against the approved budgets and an explanation of those variations for consideration by Members; and

·       Updates to spending profiles and proposed amendments to capital budgets necessary to ensure the efficient delivery of capital projects are also presented for approval.

 

The Cabinet Member for Regulatory, Compliance and Corporate Services, referred to the continued hard work of all officers throughout the Council and thanked them all for their support in managing the Councils budgets.  

 

Decisions Made:    That

 

Revenue Budget

 

(1)      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;

 

(2)      the current position relating to the 2021/22 revenue budget be noted;

 

(3)      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;

 

Framework for Change 2020 Update- Sandway Homes Limited

 

(4)           Further to Minute No: 54 of the Meeting of the Cabinet held on 7 October 2021 and the receipt of an exit strategy received from Sandway Homes Limited, the revisions to the Phase 1 Business Plan including a revised peak debt level of £8.3m be approved;

         

 

Capital Programme

 

(5)      the spending profiles across financial years for the approved capital programme, as outlined within paragraph 7.1of the report, be noted;

 

(6)      the latest capital expenditure position as at 31 October 2021 of £17.340m (paragraph 7.5); and that the latest full year forecast is £50.675m (paragraph 7.7), be noted;

 

(7)      the programme outputs and progress to September (paragraph 7.5), be noted;

 

 

(8)      the supplementary capital estimates (paragraph 7.10), be approved; and

 

(9)      it be noted that capital resources will be managed by the Executive Director of 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 7.11 of the report.

 

Reasons for the Decisions:

 

To ensure Cabinet are informed of the current position in relation to the 2021/22 revenue budget, including COVID19 pressures and additional funding being made available to the Council.   

 

To provide an updated forecast of the outturn position with regard to the collection of Council Tax and Business Rates. 

 

To keep members informed of the progress of the Capital Programme against the profiled budget for 2021/22 and agreed allocations for future years.

 

To progress any changes that are required in order to maintain a relevant and accurate budget profile necessary for effective monitoring of the Capital Programme.

 

To approve any updates to funding resources so that they can be applied to capital schemes in the delivery of the Council’s overall capital strategy.

 

Alternative Options Considered and Rejected:

 

None.

 

 

 

 

 

 

Supporting documents: