Issue - meetings

This report includes 2021/22 budget monitoring information as at the end of June 2021.

The projection for the 2021/22 revenue account is an overspend of £12.6 million within services. The application of one-off central resources reduces this to £7.6 million. A mitigation strategy has been developed against this sum should attempts to deliver services within the constraints of their original budgets prove unsuccessful.

This position assumes full delivery of the £7.5m transformation programme savings target for 2021/22. At this stage £2.4m has been delivered and a full progress report will be included in the second quarter budget monitoring report once the savings from the council’s smarter structures and third party spend programmes have been confirmed.

The updated 2021/22 projections for reserve movements, the capital programme and housing revenue account (HRA) are also included.

RESOLVED that Cabinet:-

(a)      Note the contents of the report;

(b)      Agree the acceptance of revenue grants in paragraph 62;

(c)      Agree the acceptance of capital grants in paragraph 73;

RECOMMENDED that:-

(d)      Council approve the £1 million allocation from the contain outbreak management fund (COMF) as set out in paragraph 55; and

(e)      Council approve the capital virements as set out in paragraph 74

Voting: Unanimous

Portfolio Holder: Leader of the Council

Reason

To comply with accounting codes of practice and best practice which requires councils to regularly monitor the annual budget position. To comply with the council’s financial regulations regarding budget virements.

The Leader of the Council presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'F' to these Minutes in the Minute Book.

Cabinet was advised that this report includes 2021/22 budget monitoring information as at the end of June 2021, and that the projection for the 2021/22 revenue account is an overspend of £12.6 million within services, and that the application of one-off central resources reduces this to £7.6 million. In relation to this Cabinet was informed that a mitigation strategy has been developed against this sum should attempts to deliver services within the constraints of their original budgets prove unsuccessful.

Further to this Cabinet was informed that this position assumes full delivery of the £7.5m transformation programme savings target for 2021/22, and that at this stage £2.4m has been delivered and a full progress report will be included in the second quarter budget monitoring report once the savings from the council’s smarter structures and third party spend programmes have been confirmed.

In addition Cabinet was advised that the updated 2021/22 projections for reserve movements, the capital programme and housing revenue account (HRA) are also included.

RESOLVED that Cabinet: -

1.             Note the contents of the report;

2.            Agree the acceptance of revenue grants in paragraph 62;

3.            Agree the acceptance of capital grants in paragraph 73;

RECOMMENDED that: -

4.            Council approve the £1 million allocation from the contain outbreak management fund (COMF) as set out in paragraph 55; and

5.            Council approve the capital virements as set out in paragraph 74

Voting: Unanimous

Portfolio Holder: Leader of the Council