Decision details

Finance Update Report 2020/21 Period 8

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Decisions:

Consideration was given to a report of the Cabinet Member for Corporate Delivery / Chief Finance Officer seeking approval for the utilisation of New Burdens Administration grants to cover costs incurred for administering grants related to Covid 19, Budget Pressure requests, amendment to the purpose of the Property Growth Fund capital scheme and a switch budgets within Economy Service.  Cabinet were requested to note the forecast 2020/21 financial positions for Revenue Funds, Dedicated Schools Grant, Capital Funds, the Collection Fund as at the end of November 2020, the £1,793k Waste Levy reserve refund which has been received from Greater Manchester Combined Authority, the forecast unachieved Savings target, the forecast Health & Social Care Pool Budget position, requests for a new reserve for Children’s Services, relating to the No Wrong Door initiative, and 2 reserves to earmarked for Covid 19 costs which have not been incurred in 20/21 but are expected to materialise in future years; and for the budget carry forward of Neighbourhoods underspends to ringfence £170k of in-year savings for the provision of school meals, net Capital budget changes of £722k, and, the Capital re-phasing of £11,017k approved by the Chief Finance Officer.

 

Alternatives considered

Not reporting on financial performance puts at risk the achievement of the

Council’s Medium Term Financial Plan. Effective budget management is critical to ensuring financial resources are spent in line with the budget and are targeted towards the Council’s priorities. Monitoring enables the early identification of variations against the plan and facilitates timely corrective action.

 

Resolved

1.    That the utilisation of New Burdens Administration grants to cover costs incurred for administering grants related to Covid 19 of £209k, and government funding of £1,759k to compensate for lost Sales, Fees & Charges.

2.    That the Budget Pressure requests from Resources and Neighbourhoods Directorates be approved.

3.    That the amendment to the purpose of the Property Growth Fund capital scheme be approved.

4.    That the switch of budgets within Economy Directorate be approved.

5.    That the forecast 2020/21 financial positions for Revenue Funds, the Dedicated Schools Grant, the Capital Funds and the Collection Fund as at the end of November 2020, be noted.

6.    That the £1,793k Waste Levy reserve refund which has been received from Greater Manchester Combined Authority be noted.

7.    That the forecast unachieved Savings targets in Neighbourhoods, Economy, Resources and Public Health Directorates be noted.

8.    That the forecast Health & Social Care Pool Budget position be noted.

9.    That the requests for a new reserve for Children’s Services, relating to the No Wrong Door initiative, and 2 reserves to earmarked for Covid 19 costs which have not been incurred in 20/21 but are expected to materialise in future years; and for the budget carry forward of Neighbourhoods underspends to ringfence £170k of in-year savings for the provision of school meals, be noted.

10. That the net Capital budget changes of £722k, be noted

11. That the Capital re-phasing of £11,017k be noted.

 

Reason for resolution

Effective budget management is critical to ensuring financial resources are spent in line with the budget and are targeted towards the Council’s prioritises.

Report author: Rose Bennett

Publication date: 16/02/2021

Date of decision: 09/02/2021

Decided at meeting: 09/02/2021 - Cabinet

Accompanying Documents: