Decision details

Finance Update Report Qtr 1 2021/22

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: Yes

Decisions:

Consideration was given to a report of the Cabinet Member for Finance and Corporate / Chief Finance Officer which sought approval for the procurement of insurance contracts and approval for a switch of budgets within Directorates. 

 

Alternatives considered

To not approve the procurement would leave the Council open to risk.  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 forecast 2021/22 financial positions for Revenue, Capital, and the Collection Fund as at the end of June 2021, be noted as detailed in section 4 of the submitted report.

2.    That the emergency delegated decision which has been made for the use of the Covid Local Support Grant of £882k to contribute to food vouchers for the Summer Break, be noted as shown in section 4.1.2 of the submitted report.

3.    That approval be given to the commencement of procurement for the Council’s long term contracts for insurance detailed in section 4.1.2.

4.    That the Health & Social Care Pool Budget opening position be noted as detailed in section 4.2 of the submitted report.

5.    That approval be given to the Budget Pressure requests detailed in section 4.3.

6.    That the forecast achieved Savings target be noted as detailed in section 4.4 of the submitted report.

7.    That the net Capital budget changes of £11,697k, which includes the return of £400k of budget relating to Link4Life be noted as detailed in section 4.6.1 of the submitted report.

8.    That the Capital re-phasing of £56,258k into future years detailed in section 4.6.2 of the submitted report.

9.    That approval be given to the requests to switch budgets within the Economy Service and Neighbourhoods Service as detailed in section 4.6.3 of the submitted report.

10. That the switch between Resources and Neighbourhoods as detailed in section 4.6.3 of the submitted report, be noted.

 

Reason for recommendation

To provide information 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.

Report author: Rose Bennett

Publication date: 06/09/2021

Date of decision: 31/08/2021

Decided at meeting: 31/08/2021 - Cabinet

Effective from: 07/09/2021

Accompanying Documents: