Issue - meetings

To present details of the Council’s projected financial performance 2021/2022.

Executive Councillor: B Mickelburgh

The Cabinet has

(a)  considered and commented on the financial performance for the 2021/22 financial year, as detailed in Appendix 1 and summarised in paragraph 3.2 of the report now submitted; and

(b)  considered and approved the re-phasing of capital to future years as outlined in paragraph 3.3 of the report now submitted.

A report by the Chief Finance Officer was submitted (a copy of which is appended in the Minute Book) presenting details of the Council’s projected financial performance for 2021/22.

The Director for Finance and Corporate Services reported that COVID-19 still had an impact upon the finances of the Council with revenue outturn and capital outturn both achieving underspends at £2,012k and £28,741k respectively. Attention was drawn to areas which had impacted upon the financial outturn together with the positive impact the Treasury Management Strategy was having in generating a good rate of return for the Council. In acknowledging the budgetary challenges that existed around increasing rates of inflation and the need to continue identifying savings and efficiencies, the Cabinet

RESOLVED

(a)  to consider and comment on the financial performance for the 2021/22 financial year, as detailed in Appendix 1 and summarised in paragraph 3.2 of the report now submitted; and

(b)  to consider and approve the re-phasing of capital to future years as outlined in paragraph 3.3 of the report now submitted.

To receive the Finance Performance Report 2021/22 Quarter 4.

By means of a report by the Chief Finance Officer, (a copy of which is appended in the Minute Book), the Finance Performance Report 2021/22 Quarter 4 was presented to the Panel.

Councillor Gray observed that the 2021/22 budget had been authorised during the remote covid Council sessions with no objections and only two abstentions, and that the reported surplus had left the new administration in a favourable position financially. It was also observed that Government grants previously available may not be available in the future.

The Panel heard that some income streams had been underestimated in the budget setting for 2021/22 but that all the available information would be used to ensure a robust position moving forward. 

Having welcomed the report, it was thereupon

RESOLVED

that the Cabinet be recommended to endorse the recommendations within the report.