Issue - meetings
Revenue Budget Monitoring Report (Outturn)
Meeting: 13/07/2021 - Cabinet (Item 19)
- App 1, item 19 PDF 107 KB
- App 2, item 19 PDF 136 KB
- App 3, item 19 PDF 22 KB
- App 4, item 19 PDF 215 KB
- App 5, item 19 PDF 133 KB
- App 6, item 19 PDF 332 KB
- App 7, item 19 PDF 61 KB
- Webcast for Revenue Budget Monitoring Report (Outturn)
As detailed in the recommendations.
Councillor Johnson introduced the report which provided the revenue budget final outturn position for the Council Fund and Housing Revenue Account for the financial year 2020/21. The report took into account the latest position on claims made to the Welsh Government (WG) Hardship fund.
The formal Statement of Accounts and supporting notes were submitted to Audit Committee on 15th June and would now be subject to audit over the summer with the final audited accounts presented to Audit Committee in September for formal approval. The Covid-19 pandemic had provided unprecedented challenges for the Council; the financial impact in the last 12 months had been significant and had included cost pressures as a result of the response, such as purchasing PPE, payments to social care providers, accommodation for the homeless and significant reductions in planned income from Council services.
The WG Emergency Hardship Funding Grant provided financial assistance for dealing with the additional costs arising from the pandemic, together with financial assistance to mitigate loss of income from Council Services. In total, the Council was projecting funding of £13.5m for additional expenditure and £4.3m for lost income and that was reflected in the outturn position.
The final year end position was:
· An operating surplus of £2.185m (excluding the impact of the pay award which had been met by reserves), which was a favourable movement of £0.273m from the surplus figure of £1.912m reported at Month 11.
· The operating surplus of £2.185m equated to 0.8%of the Approved Budget, which was marginally above the target MTFS KPI for a variance against budget of 0.5%.
· A contingency reserve balance as at 31st March 2021 of £5.973m
Housing Revenue Account
· Net in-year revenue expenditure to be £2.866m lower than budget.
· A closing un-earmarked balance as at 31st March 2021 of £5.039m.
The report also detailed significant movements from Month 11, key financial risks, Council Tax income, Council Tax reduction scheme, achievements of planned in-year efficiencies, reserves and balances, council fund earmarked reserves and request for carry forward of funding.
(a) That the overall report and the Council Fund contingency sum as at 31st March 2021 be noted;
(b) That the final level of balances on the Housing Revenue Account be noted; and
(c) That the carry forward requested be approved.