Decision Maker: Cabinet Member for Finance, Innovation and Property
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
(Report of Director of Finance and Transformation)
The report brought together information on three key budget areas, namely salaries, major operational income streams and investment income. The performance of the key budget areas, together with approved variations to the revenue budget and areas identified through revenue budget monitoring were summarised to provide an indicative overall budget position for the year. The report also provided an update on capital expenditure and variations which had been agreed in relation to the capital plan.
Following consideration by the Finance, Innovation and Property Advisory Board, the Cabinet Member for Finance, Innovation and Property resolved that:
(1) it be noted that, as at the end of June 2021, the projected overall outturn position for the year 2021/22 was a net favourable variance of circa £30,750 when compared to the budget set in February 2021;
(2) the position in respect of the updated projected funding gap reported to Cabinet on 6 July 2021 of £1,775,000 and the need to identify and implement opportunities to deliver as a minimum this year’s savings target of £100,000 be noted;
(3) by 31st December 2021, or a date before, whichever is the earliest, concise information be supplied to all Members of the Council of the method(s) to achieve this year’s required £100,000 saving (1st Tranche), or to report otherwise; and
(4) the Council write to the two local Members of Parliament regarding the escalating cost of temporary accommodation and the need for additional Government support.
Publication date: 23/07/2021
Date of decision: 21/07/2021
Decided at meeting: 21/07/2021 - Finance, Innovation and Property Advisory Board
Effective from: 31/07/2021