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The Cabinet 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 financial
implications of COVID-19 on the 2021/22 Budget;
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(2)
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the current position relating
to the 2021/22 revenue budget;
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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 November 2021 in
respect of:
·
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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Decision Made:
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;
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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;
and
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(4)
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the Government grant
funding that has been received to support the Council and
businesses with the response to the pandemic, and which will be
distributed in accordance with central government guidance,
including the scheme across the Liverpool City Region, funded by
Additional Restriction Grant, which will provide additional support
to local businesses be noted; and
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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
(paragraph 6.1) be noted;
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(2)
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the latest capital
expenditure position as at 31 December 2021 of £20.786m
(paragraph 6.4); and the latest full year forecast being
£41.882m (paragraph 6.6) be noted;
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(3)
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the explanations of
variances to project budgets (paragraph 6.7) be noted;
and
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(4)
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it be noted that a
deed of variation is required relating to the grant funding
agreement with the Liverpool City Region Combined Authority
relating to a housing development in Netherton being undertaken by
Sandway Homes Limited, and that the total amount of funding
available is unaltered (paragraph 6.10); and
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(5)
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it be noted that the
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
(paragraph 6.13).
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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:
Not
applicable.
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