Issue - meetings

To consider the report of the Director Finance.

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 8.11 of the report;

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

(4)   the creditors payments performance.

Reason for Decision: As set out in the report.

The Executive received the report on the overall financial position of the General Fund Revenue Budgets for the 2021/22 financial year after six months.

Particular reference was made to:-

·         the planned take from the General Fund working balance was expected to be around £550,000 lower than what was anticipated;

·         there was a projected income loss of £2.4 million mainly in car parking, entertainment and visitor facilities, which was due to the slow recovery from the impact of the Pandemic;

·         the projected underspend on certain services was caused by resource issues and global supply chain shortages. There would likely be requests for supplementary budget revisions at the end of the financial year, which would be transferred from earmarked reserves to meet the requests; and

·         the supplementary budgets listed in Section 8.11 of the report would be funded through Government Grant and the request for £5,000 for the Community Grants for the Neighbourhood CIL would be funded from the General Fund balance.

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 8.11 of the report;

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

(4)        the creditors payments performance.