Issue - meetings

Revenue Budget Outturn 2021/22

Meeting: 16/06/2022 - Executive Cabinet (Item 5)

5 Revenue Budget Outturn 2021/22 pdf icon PDF 296 KB

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

Additional documents:

Decision:

1.    To note the 2021/22 provisional outturn for revenue and the level of reserves at 31st March 2022.

2.    To note the virements made to and from the revenue budget, which have been previously reported over the course of the year and are as detailed in Appendix 2 of the report.

3.    To approve an increase in the Planning Appeals reserve of £150k to fund expenditure such as legal costs in this area.

Minutes:

Peter Wilson, Executive Member (Resources) presented the report of the Director of Finance which sets out the provisional outturn for revenue and reserves for the Council for the year ended 31st March 2022. The accounts are still subject to external audit and adjustments may be required which will be reported in future monitoring reports.

 

In summary, there is an underspend against the budget for 2021/22 of £0.224m. Subject to the £150k allocation to reserves, there will be an increase in General Reserves, of £74k. 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 level of general fund balances as at 31st March 2022, based on the above, will be £4.131m.

 

Members noted the £42k overspend in relation to Gypsy and Roman Traveller Encampments (GRTs) and recognised the high associated finance and resource costs. It was suggested that the solution to this requires a multifaceted approach which would be discussed further. Members also discussed recovery of the leisure centres following Covid.

 

Decision:

1.    To note the 2021/22 provisional outturn for revenue and the level of reserves at 31st March 2022.

2.    To note the virements made to and from the revenue budget, which have been previously reported over the course of the year and are as detailed in Appendix 2 of the report.

3.    To approve an increase in the Planning Appeals reserve of £150k to fund expenditure such as legal costs in this area.

 

Reasons for recommendations:

To ensure the Council’s budgetary targets are achieved.

 

Other options considered and rejected:

None.