Issue - meetings

To receive and consider the report of the Director of Finance (enclosed).

Executive Cabinet took the decisions to

3.      Note the full year position for the 2020/21 revenue budget and capital investment programme.

4.      Note the slippage requests outlined in Appendix 2 of the report to finance expenditure on specific items or projects in 2021/22.

5.      Note the 2020/21 outturn position on the Council's reserves outlined in Appendix 3.

Council took decisions to

1.         Approve the capital programme to be delivered in 2020/21 to 2023/24 as outlined in Appendix 4.

2.         Approve the changes within the capital programme as detailed in paragraph 84 and 89 namely

a)        Unit Above Iceland - This project has not yet started but work has been undertaken to assess likely costs against this £485k budget and as a result it is proposed to vire this budget to the following works:

·                £135k for internal works at Strawberry Fields to increase commercial capability and relocate the CCTV monitoring service.

·                £150k for the relocated Management Suite at Market Walk.

·                £200k to reconfigure the Unit above Iceland for a prospective new dentist.

b)             Works to Existing Markets - A further £150k has been added to this scheme from 21.22. This is to reflect additional costs in trader cabin upgrades and toilet refurb works.

The Deputy Leader, Councillor Peter Wilson, presented the report of the Chief Finance Officer which sets out the provisional revenue and capital outturn figures for the Council as compared against the budgets and efficiency savings targets set for the financial year 2020/21.

The accounts are provisional at this stage and are also subject to final checking and scrutiny by the Council’s external auditor.  Should there be any significant changes to the general fund as a result of this process, a further report will be submitted to Executive Cabinet.

The borrowing undertaken allows the council to generate around one million pounds in revenue through its assets, including Market Walk. 

The deficit relating to the Leisure Centre is less than anticipated and members noted the need to work together for the benefit of the residents moving forwards. 

The Executive Leader, Councillor Alistair Bradley, noted some expenditure has been taken on by the council where other organisations have cut services.

Councillor Aidy Riggott raised a query regarding the release of documentation relating to Buckshaw Parkway and it was agreed the documents will be shared following the meeting.  The need for all partners involved to work together was noted. 

Executive Cabinet took the decisions to

1.      Note the full year position for the 2020/21 revenue budget and capital investment programme.

2.      Note the slippage requests outlined in Appendix 2 of the report to finance expenditure on specific items or projects in 2021/22.

3.      Note the 2020/21 outturn position on the Council's reserves outlined in Appendix 3.

The Deputy Leader, Councillor Peter Wilson proposed and the Executive Leader, Councillor Alistair Bradley seconded the (unanimous) Decision that approval be given to the following:

1.         Approve the capital programme to be delivered in 2020/21 to 2023/24 as outlined in Appendix 4.

2.         Approve the changes within the capital programme as detailed in paragraph 84 and 89 namely

a)        Unit Above Iceland - This project has not yet started but work has been undertaken to assess likely costs against this £485k budget and as a result it is proposed to vire this budget to the following works:

·               £135k for internal works at Strawberry Fields to increase commercial capability and relocate the CCTV monitoring service.

·               £150k for the relocated Management Suite at Market Walk.

·               £200k to reconfigure the Unit above Iceland for a prospective new dentist.

b)        Works to Existing Markets - A further £150k has been added to this scheme from 21.22. This is to reflect additional costs in trader cabin upgrades and toilet refurb works.

To receive and consider the report of the Director of Finance (enclosed).

1.    To note the full year position for the 2020/21 revenue budget and capital investment programme.

2.    To note the slippage requests outlined in Appendix 2 of the report to finance expenditure on specific items or projects in 2021/22.

3.    To note the 2020/21 outturn position on the Council's reserves outlined in Appendix 3.

4.    To approve the capital programme to be delivered in 2020/21 to 2023/24 as outlined in Appendix 4.

5.    To approve the changes within the capital programme as detailed in paragraph 84 and 89.

Councillor Peter Wilson, Executive Member (Resources), presented the report of the Director of Finance which sets out the provisional revenue and capital outturn figures for the Council as compared against the budgets and efficiency savings targets set for the financial year 2020/21.The accounts are provisional at this stage and are also subject to final checking and scrutiny by the Council’s external auditor. Should there be any significant changes to the general fund as a result of this process, a further report will be submitted to Executive Cabinet.

In summary, there is a provisional underspend against the budget at year-end of £57k after taking account of requests for slippage of committed items of £256k that have been approved by the Chief Finance Officer. Members noted that the capital outturn expenditure for 2020/21 is £9.087m. The Council’s Medium-Term Financial Strategy reported that working balances are currently maintained at £4.0m due to the financial risks facing the Council. The forecast level of general fund balances as at 31 March 2021 will be £4.057m.

Provision for debts at MW

Decision:

1.    To note the full year position for the 2020/21 revenue budget and capital investment programme.

2.    To note the slippage requests outlined in Appendix 2 of the report to finance expenditure on specific items or projects in 2021/22.

3.    To note the 2020/21 outturn position on the Council's reserves outlined in Appendix 3.

4.    To approve the capital programme to be delivered in 2020/21 to 2023/24 as outlined in Appendix 4.

5.    To approve the changes within the capital programme as detailed in paragraph 84 and 89.

Reasons for recommendation(s):

To ensure the Council’s budgetary targets are achieved.

Alternative options considered and rejected:

None