To receive the Revenue and Outturn report for 2021-2022
The Group had before it, and NOTED, the Revenue and Capital Outturn *report from the Deputy Chief Executive (S151).
The Corporate Manager for Finance outlined the contents of the report and explained that it provided a summary of the net service costs of the general fund and housing revenue account and was subject to audit.
He explained that the general fund underspend of £29k was an excellent return and showed a good degree of financial forecasting.
Consideration was given to:
· Reduced levels of income due to the pandemic including car parks and business rates
· The reduction in levels of Government support received
· Higher contract staffing levels due to sickness and unfulfilled vacancies
· The significant grants provided by the Government which were passed onto residents
· The general fund was circa 10% above minimum requirements
· The Carlu Close site had been occupied for 5 years with a 15 year lease and officers were investigating if the Council could construct its own facility in the future
· The interest charged on loans to 3 Rivers Developments Ltd was 4.5% above base rate as per the shareholders agreement and represented a very good return for the Council
The Chairman passed on the thanks of the PDG to the Revenue and Benefits team for all their work in redistributing the Government grants in such a timely manner.
Note: *Report previously circulated and attached to the minutes