Issue - meetings

Overview of the General Fund Budget

Meeting: 04/04/2022 - Executive (Item 48)

48 Overview of General Fund Revenue Budget 2021/22 - Quarter 3 pdf icon PDF 478 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 8.12 of the report;

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

(4)  the creditors payments performance.

 

Reason for Decision: As set out in the report.

 

 

 

Minutes:

The Executive received the report which advised Members of 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 budget projection, which showed a significant underspend with a significantly lower than expected take from the General Fund balance and to the challenges faced by the Council in delivering projects which were outside the control of officers. A number of supplementary budget requests would be expected at the end of the financial year.

 

Members noted that the projected underspend would cover the supplementary budget requests and there were areas of income that were still a challenge, following the Covid Pandemic. An ear-marked reserve was in place to help off-set pressures for both the current and 2022/23 financial years.

 

The Director Finance referred to the supplementary budget requests for approval and confirmed that they related to grants received from Government to be incorporated into the budget and would not impact the General Fund balance.

 

In response to a question raised by a Member, the Director Finance explained that the current year underspend was a challenge, caused by difficulties in the construction industry and subsequent delays in service delivery. The Council’s accountants continued to challenge Service Leads where there was a particular underspend in their budgets, however, this year the challenge in underspending was a larger economic issue.

 

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 8.12 of the report;

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

(4)   the creditors payments performance.