Issue - meetings

Report of Councillor P Parkin, Portfolio Holder for Finance

RESOLVED

That Cabinet noted the budget monitoring position for the financial year 2021-22, as set out in the report.

REASONS FOR DECISION

To inform Cabinet the financial position of the Council following the second quarter’s (Q2) budget monitoring exercise for the General Fund, the Housing Revenue Account, Capital Programme and Treasury Management activity.

OTHER OPTIONS CONSIDERED AND REJECTED

No other options were considered. The report provided monitoring information for Members on the financial position against the Council’s previously approved budget.

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

Cabinet considered monitoring information on the Council’s Medium Term Financial Plan. This set out the position against the General Fund, the Housing Revenue Account and the Capital Programme budgets for the second quarter (July-September 2021) of the 2021-22 financial year.

Members discussed the monitoring information. Cabinet heard about the impact which the Coronavirus (Covid-19) pandemic had on Council services and the recovery in income which had begun to take place, especially for leisure services, following the end of the ‘lockdown’ restrictions.  Cabinet also heard about the support received from Central Government. Members noted how this support had helped the Council offset lost income and to maintain its services in difficult circumstances.

Members considered significant budget variations that had occurred. They were informed of expenditure against the Invest to Save Budget the Capital Programme and the Housing Revenue Account. Cabinet also considered the Council’s Treasury Management functions. This included what the Council had borrowed and what temporary investments had been made.

RESOLVED - That Cabinet noted the budget monitoring position for the financial year 2021-22, as set out in the report.

REASONS FOR DECISION - To inform Cabinet the financial position of the Council following the second quarter’s (Q2) budget monitoring exercise for the General Fund, the Housing Revenue Account, Capital Programme and Treasury Management activity.

OTHER OPTIONS CONSIDERED AND REJECTED - No other options were considered. The report provided monitoring information for Members on the financial position against the Council’s previously approved budget.