Agenda item

*RESOLVED –

That it be recommended to Full Council that:

1.    The position of the General Fund Revenue account at the close of month two of the financial year 2021/22 and the updated medium-term financial plan, as outlined in sections 4.2 and 4.5 of the officer’s report, be noted.

2.    The changes to the medium-term financial plan, as outlined in sections 4.2, 4.3 and 4.5 of the officer’s report, be approved.

3.    The funding for the posts outlined in paragraph 4.3.9 of the officer’s report be approved.

4.    The repurposing of the provision outlined in paragraph 4.4.5 of the officer’s report be approved.

5.    The updated General Fund Capital Programme outlined in section 4.6 of the officer’s report be approved.

6.    The proposals for financing the General Fund Capital Programme outlined in section 4.6 of the officer’s report be approved.

7.    The position of the Housing Revenue Account Revenue and Capital budgets at the close of month two of the financial year 2021/22, as outlined in section 4.7 of the officer’s report, be noted.

8.    The funding request outlined in section 4.7.1 of the officer’s report be approved.

REASON FOR DECISIONS

To actively manage the Council’s finances in the current financial year and forecast forward the emerging budget position to future financial years.

The Acting Chief Finance Officer presented a report outlining the Council’s budget position at the end of the second month of 2021/22, and the updated medium term financial forecast through 2024/25.

At the end of the second month, the forecast position had changed to a deficit of £32k at the year end. A table containing the key variances that had contributed to the improved budget position was included in paragraph 4.2.1 of the officer’s report.

The report also outlined the impact of Covid-19 on income generation and identified which income losses could be partially offset by MHCLG’s income compensation scheme which would be in place for the first quarter of the financial year but there was uncertainty as to what would happen in the future in terms of the economy.

The report noted the anticipated movement in the council’s reserves. An uncommitted balance of £1.303m remained in the budget risk reserve and service improvement reserve.

The General Fund Capital Programme was forecast to receive £1.6m from capital receipts in 2021/22. Further capital receipts would need to be identified beyond 2021/22 to fund new capital projects and reduce the pressure on the General Fund deficits.

The Housing Revenue Account budget was detailed in section 4.7 of the officer’s report. The HRA Business Plan was being reviewed to reflect the impact of Covid-19 and other changes

*RESOLVED –

That it be recommended to Full Council that:

1.    The position of the General Fund Revenue account at the close of month two of the financial year 2021/22 and the updated mediumterm financial plan, as outlined in sections 4.2 and 4.5 of the officer’s report, be noted.

2.    The changes to the medium-term financial plan, as outlined in sections 4.2, 4.3 and 4.5 of the officer’s report, be approved.

3.    The funding for the posts outlined in paragraph 4.3.9 of the officer’s report be approved.

4.    The repurposing of the provision outlined in paragraph 4.4.5 of the officer’s report be approved.

5.    The updated General Fund Capital Programme outlined in section 4.6 of the officer’s report be approved.

6.    The proposals for financing the General Fund Capital Programme outlined in section 4.6 of the officer’s report be approved.

7.    The position of the Housing Revenue Account Revenue and Capital budgets at the close of month two of the financial year 2021/22, as outlined in section 4.7 of the officer’s report, be noted.

8.    The funding request outlined in section 4.7.1 of the officer’s report be approved.

REASON FOR DECISIONS

To actively manage the Council’s finances in the current financial year and forecast forward the emerging budget position to future financial years