Issue - meetings

Revenue Budget Monitoring Quarter 3

Meeting: 24/02/2022 - Executive Cabinet (Item 87)

87 Revenue Budget Monitoring Quarter 3 2021/22 pdf icon PDF 340 KB

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

Additional documents:

Decision:

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

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

3.    To approve the creation of reserves from the forecast in-year underspend and the reallocation of existing reserves as follows:

·           Use of in year underspends for:

o   £30k to create a reserve to support the celebration of the Queen’s Jubilee in the borough

o   £30k to create an allocation from which to make future awards of Check Out Chorley grants

o   £200k to create a reserve to support the creation of Apprentice, Graduate, and Trainee posts

o   £200k to crease a reserve for investment in play and open space areas across the Borough

o   £200k to create a reserve to provide support for local businesses

o   £260k to increase the existing Green Agenda Fund to £500k

Minutes:

On Behalf of Councillor Peter Wilson, Executive Member (Resources), Councillor Alistair Bradley, Executive Member (Economic Development and Public Service Reform), presented the report 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 December 2021.

 

In summary, there is a forecast underspend against the budget for 2021/22 of £1.192m. Following the allocation to reserves, the revised forecast underspend, resulting in an increase to General Reserves, is £272k. 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, in light of the above, will be £4.329m.

 

Decision:

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

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

3.    To approve the creation of reserves from the forecast in-year underspend and the reallocation of existing reserves as follows:

·           Use of in year underspends for:

o   £30k to create a reserve to support the celebration of the Queen’s Jubilee in the borough

o   £30k to create an allocation from which to make future awards of Check Out Chorley grants

o   £200k to create a reserve to support the creation of Apprentice, Graduate, and Trainee posts

o   £200k to crease a reserve for investment in play and open space areas across the Borough

o   £200k to create a reserve to provide support for local businesses

o   £260k to increase the existing Green Agenda Fund to £500k

 

Reasons for recommendations:

To ensure the Council’s budgetary targets are achieved.

 

Other options considered and rejected:

None