Issue - meetings
Revenue Budget Monitoring 2021/22 (Interim)
Meeting: 13/07/2021 - Cabinet (Item 22)
As detailed in the recommendations.
Councillor Johnson introduced the report which provided the first overview of the budget monitoring position for the 2021/22 financial year. It was reported by exception on significant variances which could impact on the financial position in 2021/22.
Based on the high level of assumptions included in the report the potential variations to budget identified by Portfolios equated to a minimum net additional expenditure requirement of £1m.
The ability to mitigate financial risks arising from the pandemic in the first half of the year would largely depend on the continuation of funds for hardship and income loss by Welsh Government (WG). At this stage it was uncertain whether the Hardship Fund would be extended beyond September should current restrictions around the pandemic continue. There was no account taken of the financial risks arising should no additional funding be made available during a prolonged pandemic situation.
A full detailed monitoring report would be provided in September which would update on the overall financial position.
(a) That the report and the estimated financial impact on the 2021/22 budget be noted;
(b) That a budget virement of £0.175m between Localities Services to Resources and Regulated Services within Older People’s Purchasing budget, and a £0.300 budget virement between Localities Services to Mental Health Residential Budget be approved; and
(c) That the ring-fencing of allocations from the Contingency Reserve for Investment in Change (£0.400m) and Severe Weather (£0.250m) be approved.