Agenda item

Financial Outturn Report 2020/21

This report provides details of the final financial outturn for the revenue account, capital programme, reserves, and the housing revenue account (HRA) for the financial year 2020/21. It also includes a small number of proposed virements to the budget for 2021/22 for new grants awarded since the budget was set in February. 

The general fund revenue outturn is a surplus of £5.1 million for the year which it is proposed be added to the earmarked medium term financial plan (MTFP) mitigation reserve to manage financial risks over this timeframe. This period includes major projects to transform how the council operates and to regenerate the area. This is an improved position compared with quarter three from work concluded in the final quarter to make the best use of all available grants to support unbudgeted Covid expenditure within services, reductions in cost pressures, most notably within adult social care, and significant income streams performing better than expected.   

Decision:

RESOLVED that Cabinet: -

(a)           noted the year-end financial outturn positions achieved including revenue, capital, reserves and for the HRA;

(b)           accepted the 2021/22 awards from Public Health England for the drug & alcohol homeless grant of £0.688 million and the criminal justice system grant of £0.414 million and delegates authority to the directors of adult social care and housing to implement the programmes of revenue expenditure as set out in paragraphs 92 to 101; and

(c)           agreed the capital virement in paragraph 153.

RECOMMENDED that Council: -

(a)           agree the transfer of the £5.1 million surplus for the year to the MTFP mitigation reserve;

(b)           agree that the contain outbreak management fund (COMF) allocation for 2021/22 of £2.533 million is retained in a contingency to manage any outbreaks that may occur later in the year, as recommended by the director of public health as set out in paragraph83; and

(c)           agree the capital virements in paragraph 154.

Voting: Unanimous

Portfolio Holder: Leader of the Council

Reason

To comply with accounting codes of practice and best practice which requires councils to report their end of year financial position compared with the budget of the authority.

To comply with the council’s financial regulations regarding budget virements and the acceptance of new grants.

Minutes:

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

Cabinet was informed that the report provided details of the final financial outturn for the revenue account, capital programme, reserves, and the housing revenue account (HRA) for the financial year 2020/21, and that it also included a small number of proposed virements to the budget for 2021/22 for new grants awarded since the budget was set in February. 

In relation to this Cabinet was advised that the general fund revenue outturn is a surplus of £5.1 million for the year which it is proposed be added to the earmarked medium term financial plan (MTFP) mitigation reserve to manage financial risks over this timeframe and that this period included major projects to transform how the council operates and to regenerate the area.

Further to this Cabinet was advised that this is an improved position compared with quarter three from work concluded in the final quarter to make the best use of all available grants to support unbudgeted Covid expenditure within services, reductions in cost pressures, most notably within adult social care, and significant income streams performing better than expected.  

RESOLVED that Cabinet: -

(a)           noted the year-end financial outturn positions achieved including revenue, capital, reserves and for the HRA;

(b)           accepted the 2021/22 awards from Public Health England for the drug & alcohol homeless grant of £0.688 million and the criminal justice system grant of £0.414 million and delegates authority to the directors of adult social care and housing to implement the programmes of revenue expenditure as set out in paragraphs 92 to 101; and

(c)           agreed the capital virement in paragraph 153.

RECOMMENDED that Council: -

(a)           agree the transfer of the £5.1 million surplus for the year to the MTFP mitigation reserve;

(b)           agree that the contain outbreak management fund (COMF) allocation for 2021/22 of £2.533 million is retained in a contingency to manage any outbreaks that may occur later in the year, as recommended by the director of public health as set out in paragraph83; and

(c)           agree the capital virements in paragraph 154.

Voting: Unanimous

Portfolio Holder: Leader of the Council

 

Supporting documents: