Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Consideration was given to a report of the Chief Finance Officer which informed Cabinet of the Council’s final outturn financial position as at the end of 2020/21; and sought approval for Budget Pressures requests for capital budget switches within Neighbourhood’s Service.
Not reporting on financial performance puts at risk the achievement of the Council’s Medium Term Financial Plan. Effective budget management was critical to ensuring financial resources are spent in line with the budget and were targeted towards the Council’s priorities. Monitoring enabled the early identification of variations against the plan and facilitated timely corrective action.
1. That the final 2020/21 outturn positions for Revenue, DSG, Capital, and the Collection Fund as at the end of 2020/21, as detailed in section 4, be noted.
2. That the Covid-19 reserve for future use against Covid-19 costs pressures and losses of income and the movement in corporate reserves available for future non Covid-19 budget pressures be noted.
3. That the intention of Link4Life to change the pension arrangements for most new employees, and establish a new defined contribution scheme, as mentioned in section 4.1.6, be noted.
4. That the final Health & Social Care Pool Budget position as detailed in section 4.2.be noted.
5. That the Budget Pressure requests detailed in section 4.3 be approved.
6. That it be noted that several budget pressure requests have been returned by directorates for 2020/21.
7. That after accounting for agreed Budget Carry Forwards, any remaining in-year savings have been transferred to the Equalisation Reserve, be noted.
8. That the unachieved Savings target in section 4.4. be noted
9. That the net Capital budget changes of £13,653k for 2020/21 detailed in section 4.6.1.be noted.
Reasons for the decision
Cabinet Members should be kept updated on the financial position of the authority, as 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.
Report author: Rose Bennett
Publication date: 19/07/2021
Date of decision: 29/06/2021
Decided at meeting: 29/06/2021 - Cabinet
Effective from: 08/07/2021