Issue - meetings

The report brings together information on three key budget areas - 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 are then summarised to provide an indicative overall budget position for the year.  The report also updates Members on capital expenditure and variations that have been agreed in relation to the capital plan.

(Report of Director of Finance and Transformation)

The report provided information on the three key budget areas of salaries, major operational income streams and investment income.  The performance of these 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.

Members were also updated on capital expenditure and variations that had been agreed in relation to the capital plan.

Attention was drawn to the fact that the projected funding gap had widened to that reported to the Cabinet in July, which represented a significant and challenging financial position for the Borough Council. 

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 July 2021, the projected overall outturn position for the year 2021/22 was a net adverse variance of £65,500 when compared to the budget set in February 2021.

(Decision Notice D210088MEM)

The report of the Director of Finance and Transformation brought together information on the three key budget areas of salaries, major operational income streams and investment income.  The performance of these 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 that had been agreed in relation to the capital plan.

Attention was drawn to the fact that the projected funding gap had widened to that reported to the Cabinet in July, which represented a significant and challenging financial position for the Borough Council. 

Members were also advised that the projected net adverse variance of £65,500 did not include the income foregone as a result of the suspension of the garden waste service costed at around £85,000 per month.

RECOMMENDED: That it be noted that, as at the end of July 2021, the projected overall outturn position for the year 2021/22 was a net adverse variance of £65,500 when compared to the budget set in February 2021.