Issue - meetings

Overview of the General Fund Budget

Meeting: 05/10/2021 - Executive (Item 95)

95 Overview of General Fund Revenue Budget 2021/22 - Quarter 1 pdf icon PDF 458 KB

To consider the report of the Director Finance.

 

Additional documents:

Decision:

Agreed:

 

RECOMMENDED that Council notes and approves (where applicable):

 

(1)  the General Fund forecast financial position for the 2021 financial year;

(2)  the supplementary budgets as detailed in paragraph 8.10 of the report;

(3)  the outstanding Sundry Debt position as at June 2021; and

(4)  the creditors payments performance.

 

Reason for Decision: As set out in the report.

 

 

 

Minutes:

The Executive received the report on the overall financial position of the General Fund Revenue Budgets for the 2021/22 financial year after three months and sought Council approval for additional expenditure required during the financial year.

 

Particular reference was made to:-

 

·        there was a relatively small variation in the General Fund and significant variations could be anticipated during the course of the year which reflected the steps taken as part of the Emergency Budget approved by the Council in July 2020 and the support from Central Government provided to offset losses caused by the Covid Pandemic. The strengthened surpluses would support any continued losses likely to be experienced again in the current financial year as a result of the continuing impact of the Pandemic;

 

·        although the overall movement in the General Fund balance was quite low, and projected car park income was likely to reduce by £2 Million with other reductions for Markets and Halls, the Corn Exchange and other visitor facilities as well as the Leisure Centres, funding had been set aside to address these anticipated losses and the situation would continue to be monitored by officers over the financial year;

 

·        the supplementary budgets requested, were from received Government grants and approval was being sought to use the money; and

 

·        the reduction in the commercial property budget of £22,500 was a result of the conversion of property into offices for the Corn Exchange.

 

Members noted the report, and the Portfolio Holder for Leisure and Physical Activity, referred to the Council’s decision to bring the Leisure contract in house and praised the work of the Leisure staff for their hard work to help minimise the financial impact from the Pandemic.

 

RECOMMENDED that Council notes and approves (where applicable):

 

(1)   the General Fund forecast financial position for the 2021 financial year;

(2)   the supplementary budgets as detailed in paragraph 8.10 of the report;

(3)   the outstanding Sundry Debt position as at June 2021; and

(4)   the creditors payments performance.