Issue - meetings

Finance Update Report Qtr 2 2021/22

Meeting: 08/12/2021 - Corporate Overview and Scrutiny Committee (Item 40)

40 Finance Update Report Quarter 2 - 2021/22 pdf icon PDF 608 KB

Report of the Cabinet Member for Finance and Corporate/Chief Finance Officer.

Minutes:

Consideration was given to a report of the Cabinet Member for Finance and Corporate / Chief Finance Officer updating Cabinet on the Council’s forecast 2021/22 financial position as at the end of September 2021.

 

Committee Members made the following comments relating to the report:

·         Ongoing issues with regard to capital rephasing and how this affected the budget. It was suggested that Directors be invited to meetings to provide updates on why this was happening within their Directorates;

·         Funding with regard to building social housing and how this could be used. It was noted that the Communities, Regeneration and Environment Overview and Scrutiny Committee had also identified this as an issue and that there may be an opportunity for some joint work going forward in this regard;

·         In response to questions about the property growth fund, the Chief Finance Officer confirmed that update reports would be submitted to future meetings of the Committee for scrutiny.

 

Resolved:

That the Finance Update Report Quarter 2 – 2021/22 be noted.

 

 


Meeting: 23/11/2021 - Cabinet (Item 65)

65 Finance Update Report Quarter 2 - 2021/22 pdf icon PDF 608 KB

Report of the Cabinet Member for Finance and Corporate/Chief Finance Officer.

Minutes:

Consideration was given to a report of the Cabinet Member for Finance and Corporate / Chief Finance Officer updating Cabinet on the Council’s forecast 2021/22 financial position as at the end of September 2021.

 

Alternatives considered

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

 

RESOLVED

1.    That the forecast 2021/22 financial positions for Revenue, Capital, and the Collection Fund as at the end of September 2021 be noted.

2.    That approval is given to the delegation to the Chief Finance Officer in consultation with the Portfolio Holder of Finance, to award the Insurance Contract and fund any budget shortfall from the budget pressures fund.

3.    That authority is given to the Assistant Director for Legal Governance and Workforce to execute the legal documents in connection with the Insurance Contract.

4.    That approval is given for the use of £557.2k of Sport England National Leisure Recovery Fund funding to reimburse Your Trust for eligible costs (£555.7k), and to pay Leisure Net Solutions (£1.5k) to cover grant evaluation and monitoring costs.

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

6.    That approval be given to the Budget Pressure requests detailed in section 4.3 of the submitted report.

7.    That the forecast achieved Savings target be noted.

8.    That the net Capital budget changes of £9,560k, be noted.

9.    That the Capital re-phasing of £18,491k into future be noted.

10. That approval be granted for the requests to switch budgets within the Economy and Children’s Directorates.

11. That the Capital budget is to be brought back into 2021/22 be noted.

12. That the mid-year 2021/22 Treasury Management update be noted.

 

Reason for recommendation

To report and support 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.