Issue - meetings
Financial Outturn Report 2021/22
Meeting: 18/07/2022 - Cabinet (Item 8)
This reportsets outthe outturnfor incomeand expenditureversus therevenue budget and capital programme for 2021/22 and other key financial data.
Cabinet RESOLVED to note the Council’s overall financial outturn position for 2021/22.
Councillor Mili Patel (Deputy Leader and Cabinet Member for Finance, Resources & Reform) introduced a report which detailed the outturn for income and expenditure against the Council’s revenue budget and capital programme for 2021/22 and other key financial data. Cabinet were informed that whilst the outturn in relation to the General Fund was in line with the forecast position and reflected a breakeven position for the year there remained a deficit (£4.6m) in relation to Dedicated Schools Grant (DSG) alongside a deficit on the Housing Revenue Account (HRA) of £0.6m. In relation to the outturn on the Council’s Capital Programme, spend in 2021/22 had totalled £165m which equated to 75% of the approved budget.
In considering the outturn position, members were advised that the DSG deficit reflected increased levels of demand in Special Educational Needs and Disability (SEND) services, which were subject to an ongoing deficit management and recovery plan. Cabinet also noted the challenging budgetary impact created within Children & Young People as a result of the increase in unaccompanied asylum seeking children (UASC) along with the mitigating action being taken to offset other pressures identified as detailed in the individual service updates within section 3 of the report.
In noting the update provided, members felt it important to highlight the ambitious nature of the Council’s Capital Programme including the ongoing provision for the New Council Home and other Estate Regeneration programmes, which it was felt reflected the ongoing demand for much needed affordable housing provision across the borough.
In summing up Councillor Muhammed Butt thanked the finance team for their efforts given the challenging economic background and associated impacts arising from the current cost of living crisis. In highlighting the efforts being made to continue providing services to support those residents in need it was RESOLVED that Cabinet note the overall financial outturn position for 2021/22.