Issue - meetings
Revenue Budget Monitoring 2020/21 (Month 8)
Meeting: 19/01/2021 - Cabinet (Item 82)
82 Revenue Budget Monitoring 2020/21 (Month 8) 
PDF 119 KB
Additional documents:
- Enc. 1 for Revenue Budget Monitoring 2020/21 (Month 8), item 82
PDF 93 KB
- Enc. 2 for Revenue Budget Monitoring 2020/21 (Month 8), item 82
PDF 162 KB
- Enc. 3 for Revenue Budget Monitoring 2020/21 (Month 8), item 82
PDF 83 KB
- Enc. 4 for Revenue Budget Monitoring 2020/21 (Month 8), item 82
PDF 45 KB
- Enc. 5 for Revenue Budget Monitoring 2020/21 (Month 8), item 82
PDF 77 KB
- Webcast for Revenue Budget Monitoring 2020/21 (Month 8)
Decision:
As detailed in the recommendations.
Minutes:
Councillor Banks introduced the report which provided the latest detailed revenue budget monitoring position for the Council Fund and Housing Revenue Account for the financial year, and presented the position based on actual income and expenditure, as at Month 8. The report projected how the budget would stand at the close of the financial year if all things remained largely unchanged. It also took into account the latest position on Welsh Government (WG) Emergency Grant Funding announcements.
The projected year end position, without new actions to reduce cost pressures and/or improve the financial return on efficiency planning and cost control was:
Council Fund
- An operating surplus of £0.270m (excluding the impact of the pay award which would be met by reserves), which was a favourable movement of £0.466m from the deficit figure of £0.196m reported at Month 7.
- A projected contingency reserve balance as at 31st March 2021 of £1.685m
Housing Revenue Account
- Net in-year expenditure forecast to be £1.590m lower than budget
- A projected closing balance as at 31st March of £3.763m.
The Corporate Finance Manager provided details on the projected position, the projected position by portfolio, significant movements from Month 7, open risks, new emerging risks, achievement of planned in-year efficiencies and reserves and balances.
The Chief Executive reported on the positive projected year end position which would be achieved through management discipline and creative work within services such as homelessness to avoid cost burdens.
In response to comments on Out of County Children’s Services placements, the Chief Executive advised that the Corporate Resources Overview & Scrutiny Committee had resolved to support seeking additional funding from WG. It was suggested that the Corporate Finance Manager assess trends in overspends in this area across Wales.
RESOLVED:
(a) That the overall report and the projected Council Fund contingency sum as at
31st March 2021 be noted; and
(b) That the projected final level of balances on the Housing Revenue Account be noted.