Agenda item - Revenue and Capital Budget Monitoring Report 1
Agenda item
Revenue and Capital Budget Monitoring Report 1
- Meeting of Executive Cabinet, Thursday, 16th September 2021 6.30 pm (Item 21.EC.49)
- View the background to item 21.EC.49
To receive and consider the report of the Director of Finance (enclosed). |
Decision:
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.
Minutes:
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
Supporting documents:
- Revenue Budget Monitoring, item 21.EC.49 PDF 230 KB
- Capital Budget Monitoring, item 21.EC.49 PDF 175 KB