Decision Maker: Cabinet
Decision status: Implemented
Is Key decision?: Yes
Is subject to call in?: Yes
To receive the outturn for the financial year
The Cabinet had before it a * report of the Deputy Chief Executive (S151) presenting the Revenue and Capital Outturn figures for the financial year 2020/21.
The Cabinet Member for Finance outlined the contents of the report stating that the financial year 2020/21 had been a huge challenge due to the impact of the pandemic, however the final overspend had been £65k. He highlighted the work of the Revenues and Benefits Team who had worked hard to maintain the income stream and continued to pay grant funding to local businesses and the community. With regard to the Capital Programme, he outlined the monies that would be carried forward into the current year due to the inability to progress projects during the pandemic. The outturn provided a statement of facts and the external auditors would consider this with regard to value for money.
Consideration was given to:
· The overspend of £65k was an achievement in the current circumstances
· The budget gap in the current financial year and that the membership of the Council had been promised a strategic discussion with the Cabinet with regard to closing that gap – the Cabinet Member for Finance reminded the meeting that the outturn was for the financial year 20/21 a balanced budget had been set for 2021/22 and options were being considered, member involvement would come when options were available.
· With regard to the loans to 3 Rivers Development Limited, how much of this was for projects and operational costs and what monies had been repaid – the Leader stated that a written response would be provided.
· The reports that were being considered by the External Auditor.
1. The General Fund Outturn achieved in 2020/21 which shows an overall overspend of £65k be noted. This deficit is proposed to be taken from General Fund reserve which will still leave the balance at £2,186k; above the minimum recommended level of £2,000k.
2. The Net Transfers to Earmarked Reserves of £6,559k detailed in the General Fund Service Budget Variance Reports shown in Appendix 1 and summarised in Appendix 3 be approved. Note, this includes £3,411k of Section 31 Grant to smooth the Collection Fund deficits over the next three years, as defined by the Government as separately identified on Appendix 1.
3. The positive position achieved on the Housing Revenue Account which shows a saving of £94k be noted and the transfer to HRA Earmarked Reserves of the extra £94k shown in paragraph 5.2, as well as the utilisation of reserves totalling £404k identified in Appendices 2 and 3 be approved.
4. The carry forward of £26,041k from the 2020/21 Capital Programme (see paragraph 7.3) be approved as all of the schemes will be delivered in 2021/22 or later years. Also the transfer to Earmarked Reserves of the unspent £734k identified in Appendix 4 be approved.
(Proposed by Cllr B A Moore and seconded by Cllr C R Slade)
Reason for decision – The Outturn report indicates how the Council’s resources have been used to support the delivery of budgetary decisions.
Note: *Report previously circulated copy attached to minutes.
Report author: Andrew Jarrett
Publication date: 09/07/2021
Date of decision: 06/07/2021
Decided at meeting: 06/07/2021 - Cabinet
Effective from: 14/07/2021