Issue - meetings

Quarter 1 Financial Report 2021/22

Meeting: 19/07/2021 - Cabinet (Item 15)

15 Qtr1 Financial Report 2021/22 pdf icon PDF 279 KB

This report sets out the current forecast of income and expenditure versus the revenue budget for 2021/22 and other key financial data.

Additional documents:

Decision:

Cabinet RESOLVED to note the overall financial position and the actions being taken to manage the issues arising as detailed within the report.

Minutes:

Councillor McLennan (Deputy Leader and Lead Member for Resources) introduced the report, which detailed the current forecast of income and expenditure against the revenue budget for 2021/22 and other key financial data.

 

Cabinet noted the current pressures being forecast for the year, which totalled £3.7m.  Of these £3.5m related to the Dedicated Schools Grant (DSG) and the remaining £0.2m to the Housing Revenue Account (HRA).  In addition a number of risks and uncertainties had been identified across each service and budget area as a result of uncertainty about the future course of the Covid-19 pandemic along with the governments and general economic response.  Whilst the 2021/22 budget had been set to accommodate assumptions relating to the impact of these additional risks and pressures and the forecast position currently matched the assumptions made, it was noted that these would need to be kept under review and if necessary reassessed later in the year.

 

As highlighted during consideration of the previous item, Members noted the options being considered in order to manage and mitigate the position in relation to the DSG deficit along with the need identified for a longer term rather than one year local government financial settlement from Central Government.

 

Having noted the ongoing challenges identified and Council’s response in order to continue delivering against the aims and priorities identified it was RESOLVED that Cabinet note the overall financial position and the actions being taken to manage the issues arising as outlined at the meeting and detailed within the report.