Agenda item

General Fund Budget Monitoring 2021/22

Decision:

*RESOLVED –

 

1.    That the financial performance of the General Fund Revenue Account for the first half of the financial year, as set out in section 4.2 of the officer’s report, be noted.

 

2.    That the General Fund reserves position, as set out in section 4.5 of the officer’s report, be noted.

 

REASON FOR DECISIONS

 

To summarise the current assessment of the forecast outturn for the General Fund Revenue Account and enable formal monitoring of progress against the 2021/22 budget, including the impact of actual and planned management actions to address the adverse variance to budget.

Minutes:

The Service Director - Finance presented a report outlining the Council’s budget position at the end of the second quarter of 2021/22, and the implications for the medium term financial plan.

 

At the end of the second quarter, the forecast position had changed to a deficit of £355k at year end. A table containing the key variances that had contributed to this forecast position was included in paragraph 4.2.2 of the officer’s report.

 

The report emphasised the significant impact of the Covid-19 pandemic on income generation and identified which income losses had been partially offset by the Department for Levelling Up, Housing and Communities’ income compensation scheme albeit just for the first quarter of the financial year.

 

The report noted the anticipated movement in the Council’s reserves. A combined uncommitted balance of £1.281m remained in the Budget Risk Reserve and Service Improvement Reserve.

 

Councillor Holmes requested that his vote against the officer’s recommendations be recorded in the minutes.

 

*RESOLVED –

 

1.    That the financial performance of the General Fund Revenue Account for the first half of the financial year, as set out in section 4.2 of the officer’s report, be noted.

 

2.    That the General Fund reserves position, as set out in section 4.5 of the officer’s report, be noted.

 

REASON FOR DECISIONS

 

To summarise the current assessment of the forecast outturn for the General Fund Revenue Account and enable formal monitoring of progress against the 2021/22 budget, including the impact of actual and planned management actions to address the adverse variance to budget.

Supporting documents: