Issue - meetings

To receive and consider the report of the Director of Finance.

Revenue Budget Monitoring Report

1.    To note the forecast outturn for revenue and the level of reserves based on the position as at 30th September 202.

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

3.    To support our businesses and to give a boost to the Town Centre following a difficult year, it is recommended to introduce free parking in the Town Centre from 1st December to 24^th December at a cost of approximately £25k.

Capital Budget Monitoring Report

1.    To approve the revised capital programme as attached at Appendix A, which includes approved amendments to the programme, detailed at point 12 of this report, since the last Capital Monitoring report was approved by Cabinet in September;

2.    To note the variations to the programme (which are detailed by scheme at Appendix B and referenced within the body of the report);

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 30th September 2021.

Councillor Peter Wilson, Executive Member (Resources), presented the reports of the Director of Finance which sets out the revenue and reserves forecast for 2021/22 for the Council, based on the position as at 30 September 2021. They also report the overall financial position of the Council in respect of the capital programme, highlighting key issues and explaining key variances over the first six months of the year, and to provide an overview of various elements of the Council’s Balance Sheet as at 30 September 2021.

In summary, there is a forecast underspend against the budget for 2021/22 of £350k. 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 £4.407m. Based on the position as at 30th September 2021, there is a forecast decrease in the overall Capital Programme of £4.026m relating to the reprofiling of spend on some of the projects from 2021/22 to 2022/23, and a £50k increase in the IT budget.

Members welcomed the proposed free parking as outlined in the report, subject to usual parking restrictions, to help traders and local businesses at Christmas.

Revenue Budget Monitoring Report

Decision:

1.    To note the forecast outturn for revenue and the level of reserves based on the position as at 30th September 202.

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

3.    To support our businesses and to give a boost to the Town Centre following a difficult year, it is recommended to introduce free parking in the Town Centre from 1st December to 24^th December at a cost of approximately £25k.

Reasons for recommendations:

To ensure the Council’s budgetary targets are achieved.

Alternative options considered and rejected:

None

Capital Budget Monitoring Report

Decision:

1.    To approve the revised capital programme as attached at Appendix A, which includes approved amendments to the programme, detailed at point 12 of this report, since the last Capital Monitoring report was approved by Cabinet in September;

2.    To note the variations to the programme (which are detailed by scheme at Appendix B and referenced within the body of the report);

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 30th September 2021.

Reasons for recommendations:

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

Alternative options considered and rejected:

None