Decision details

RESOLVED

(1)          That Cabinet noted the outturn position in respect of the 2020/21 financial year.

(2)          That Cabinet approved the carry-forward of revenue budgets, as detailed in Section 2.9 of the report, totalling £0.087M.

(3)          That Cabinet approved the carry-forward of capital budgets, as detailed in Appendix 3 to the report, totalling £6.960M.

REASONS FOR DECISION - To highlight the effective budget management achieved during 2020-21, which enabled the Council to secure a favourable financial outturn position, despite the many challenges that it faced as a result of the Coronavirus (Covid-19) pandemic. To carry forward unused revenue and capital budgets.

OTHER OPTIONS CONSIDERED AND REJECTED - The financial outturn report for 2020/21 was primarily a factual report detailing the actual position compared to previously approved budgets. Consequently, there were no alternative options to be considered.

The allocation of resources to earmarked reserve accounts was undertaken in line with the Council’s policy and service delivery framework and in the light of the risks and issues facing the Council over the period of the current Medium Term Financial Plan (MTFP). If these risks do not materialise or are settled at a lower cost than anticipated then the earmarked reserves would be reassessed and returned to balances where appropriate.

Please note that this was not a Key Decision and so can be implemented with immediate effect by officers.