Decision details

Budget Monitoring Report Final Outturn 2021/22 - JUN22/CAB/09

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Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

The report provides Cabinet with the outturn position for both the revenue budget and capital programme for 2021/22, subject to any changes that may be needed as part of the finalisation of the Statement of Accounts and subsequent external audit.

The report has performance information on the payment of creditors and collection performance for debtors, local taxation, and benefit overpayments.

Decision:

Cabinet considered the report and RESOLVED to note:

1. The final outturn position for2021/22 (subject to finalisation of the statutory statement of accounts) of a £4.5m underspend on the Council’s revenue budget.

2. The reserves position outlined in section 7, which includes a contribution to of £4.5m to reserves balances, resulting from theunderspend highlighted in the revenue outturn report in Appendix A.

3. The outturn spending of £79.3min the Council’s capital programme in 2021/22 outlined in section 7.

4. That the financial performance for the year is a positive first step and is line with the Improvement Plan and Tactical Budget approved by Council, however, the financial challenge for the Council remains and requires continued focus and discipline to deliver per both aforementioned plans.

5. The performance against the prudential indicators outlined in Appendix C.

6. The performance on the payment of creditors, collection performance for debtors, local taxation and benefit overpayments outlined in Appendix D.

Reasons for the decision:

This monitoring report forms part of the 2021/22 closure of accounts and decision-making framework culminating in the production of the Statement of Accounts and informs Cabinet of the final position.

Theme One Financial Sustainability of the Improvement Plan recognised the need to introduce a moratorium in November 2021 to ensure that only essential expenditure was incurred in the remaining months of the financial year. This financial strategy was adopted in order to reduce the reliance on reserve balances to fund expenditure in 2021/22 so that reserves could be used to fund transformation, increase the Council’s financial resilience and strategically support the 2022/23 Tactical Budget. This outturn report provides evidence of the implementation of actions contained in the Improvement Plan and the positive first contribution towards a sustainable financial position.