Issue - items at meetings - Financial Outturn 2020/21 Report

Issue - meetings

Financial Outturn 2020/21 Report

 

 

Meeting: 24/11/2021 - Cabinet (Item 34)

34 Financial Outturn 2020/21 Report pdf icon PDF 260 KB

Minutes:

The Executive Director of Resources presented the Financial Outturn Report 2020/21.

 

Cabinet was informed that the report focused on the Council’s revenue position in the 2020/21 financial year.  The figures remained to be audited.  However, it was anticipated that in order to balance the budget £228,736 needed to be transferred from the general Covid grant to the general fund.

 

There had been a number of variations in the budget during the year.  The overall position was consistent with the budget projections in quarter 3 of the financial year, although the position had slightly improved.  The main variations related to the increases in costs arising from inflation, waste service costs, planning costs and the loss of income from car parking.  There remained funding in the Council’s general Covid grant and it was anticipated that this would be used to help cover any financial pressures arising in the 2021/22 financial year.

 

Members discussed the report and questioned the timescales for the Council to meet the additional costs in the planning process that had arisen during the year.  Officers clarified that the Development Control department had been overspent by £270,000 and £200,000 of this had been due to the costs associated with the Council losing a planning case at appeal, including substantial legal costs.  The exact timescales for this payment to be settled would need to be clarified but the Council was committed to making this payment.

 

During consideration of this item, the Chairman of the Overview and Scrutiny Board was invited to speak on behalf of the Board on this matter.  Cabinet was advised that scrutiny Members had discussed the potential for the general Covid grant funding to be incorporated into the Council’s balances and reserves.  However, the Director of Resources explained that there were no increased risk that the Council could lose this funding if it was retained in a separate general Covid grant account and therefore no action needed to be taken at present to transfer the funds to a different budget.

 

RESOLVED that the outturn financial position in relation to the revenue budgets for the year April 2020 – March 2021 be noted.

           

RECOMMENDED that £228,736 be transferred from the General Covid Grant to the Council’s general fund to balance the outturn position for 2020/21.