Issue - meetings

To approve the following variation to the programme (which has been included in Appendix B) £150,000 budget to be funded from reserves for capital works to upgrade and unify the network to include access points for improved Wi-Fi coverage. 

The Deputy Leader, Councillor Peter Wilson, presented the report of the Chief Finance Officer which sets out the overall financial position of the Council in respect of the capital programme as at 31 July 2021, highlighting key issues and explaining key variances over the first four months of the year, and provides an overview of various elements of the Council’s Balance Sheet as at 31 July 2021.

In response to a query Councillor Peter Wilson advised that the debt position of the council, as at 31 July 2021 compared with 31 July 2020 is:

It was noted that this is the maximum amount that may be required.  There are times when the council can utilise its own reserves rather than borrowing. 

Councillor Sam Chapman queried the debt position currently from when the Labour administration took control.  It was noted that times have changed, in terms of different funding streams from the government having reduced.  There is a need for the council to generate income for itself and a desire to invest in improvements to the town centre and to create jobs. 

The Leader of the Opposition, Councillor Martin Boardman, noted the outstanding amount with the Public Works Board was at the figure noted as the total figure of £61,000m. 

The Deputy Leader, Councillor Peter Wilson proposed and the Executive Leader, Councillor Alistair Bradley seconded the (by majority) Decision

To approve the following variation to the programme (which has been included in Appendix B) £150,000 budget to be funded from reserves for capital works to upgrade and unify the network to include access points for improved Wi-Fi coverage. 

Revenue Budget Monitoring Report

1.    To note the forecast outturn for revenue and the level of reserves based on the position as at 31st July 2021.

2.    To note the virements to the revenue budget made during the period, as detailed in Appendix 2 of the report.

Capital Budget Monitoring Report

1.    To approve the revised capital programme as attached at Appendix A, which reflects all approved amendments to the programme over the four months to 31st July 2021 as detailed in section 11 of this report.

2.    To approve the following variations to the programme (which have been included in Appendix B)

a)    £150,000 budget to be funded from reserves for capital works to upgrade and unify the network to include access points for improved Wi-Fi coverage.

b)    £100,000 increase to the Whittle GP Surgery programme due to telecommunications and car parking work to be funded from an increase in borrowing.

All other approvals are within existing delegated limits as detailed in section 11.

3.    To note the position in the Balance Sheet monitoring section of the report in respect of cash, investment and loan balances and debtors, as at 31st July 2021.

Councillor Alistair Bradley, Executive Member (Economic Development and Public Service Reform), presented the reports of the Director of Finance which set out the revenue and reserves forecast for 2021/22 for the Council, based on the position as at 31 July 2021. They also report on the overall financial position of the Council in respect of the capital programme as at 31 July 2021, highlighting key issues and explaining key variances over the first four months of the year, and provides an overview of various elements of the Council’s Balance Sheet as at 31 July 2021.

In summary, there is a forecast underspend against the budget for 2021/22 of £126k. Members noted that the Council’s Medium-Term Financial Strategy reported that the minimum level of general fund reserves should be maintained at £4.0m to cushion against any potential, future financial risks that may face the Council. The forecast level of general fund balances as at 31 March 2022 will be £4.183m. Based on the position as at 31st July 2021, there is a forecast change to the Capital Programme of £350k in terms of slippage across years and £699k increase in programme budgets.

Revenue Budget Monitoring

Decision:

1.    To note the forecast outturn for revenue and the level of reserves based on the position as at 31st July 2021.

2.    To note the virements to the revenue budget made during the period, as detailed in Appendix 2 of the report.

Reasons for recommendations:

To ensure the Council’s budgetary targets are achieved.

Alternative options considered and rejected:

None

Capital Budget Monitoring

Resolved:

1.    To approve the revised capital programme as attached at Appendix A, which reflects all approved amendments to the programme over the four months to 31st July 2021 as detailed in section 11 of this report.

2.    To approve the following variations to the programme (which have been included in Appendix B)

a)    £150,000 budget to be funded from reserves for capital works to upgrade and unify the network to include access points for improved Wi-Fi coverage.

b)   £100,000 increase to the Whittle GP Surgery programme due to telecommunications and car parking work to be funded from an increase in borrowing.

All other approvals are within existing delegated limits as detailed in section 11.

3.    To note the position in the Balance Sheet monitoring section of the report in respect of cash, investment and loan balances and debtors, as at 31st July 2021.

Reasons for recommendations:

To ensure the Council’s Capital Programme is monitored effectively.

Alternative options considered and rejected:

None