Issue - meetings
Revenue Budget Monitoring 2021/22 (Month 6)
Meeting: 16/11/2021 - Cabinet (Item 68)
- Enc. 1 for Revenue Budget Monitoring 2021/22 (Month 6), item 68 PDF 104 KB
- Enc. 2 for Revenue Budget Monitoring 2021/22 (Month 6), item 68 PDF 146 KB
- Enc. 3 for Revenue Budget Monitoring 2021/22 (Month 6), item 68 PDF 23 KB
- Enc. 4 for Revenue Budget Monitoring 2021/22 (Month 6), item 68 PDF 46 KB
- Enc. 5 for Revenue Budget Monitoring 2021/22 (Month 6), item 68 PDF 94 KB
- Webcast for Revenue Budget Monitoring 2021/22 (Month 6)
As detailed in the recommendation.
Councillor Johnson introduced the report which provided the monthly update for the Council Fund Budget and Housing Revenue Account Budget. The report also forecast the out-turn position for the 2021/22 financial year.
The report projected how the budget would stand at the close of the financial year, without new actions to reduce cost pressures and/or improve the financial return on efficiency planning and cost control was:
- An operating surplus of (£0.227m) (excluding the impact of the pay award which would be met by reserves) which was a favourable movement of (£0.045m) from the surplus figure of (£0.182) reported at Month 5
- A projected contingency reserve balance as at 31st March 2022 of £6.322m
Housing Revenue Account
· Net in-year revenue expenditure forecast to be £0.755m higher than budget
· A projected closing balance as at 31st March 2022 of £3.717m
There continued to be significant pressure of Out of County Placements, arising from the full year impacts of new placements made during 2020/21, including seveal new high cost placements which were agreed in March after the budget for 2021/22 had been set. A contribution of £0.500m had been made from the Social Care Recovery Fundd which left a projected overspend of £0.851m for the remainder of the year. However, that was likely to increase with another 6 months of the year remaining.
Further details were awaited from Welsh Government (WG) following an additional funding announcement for Social Care and Health totalling £42.72m across Wales. The grant would support Children’s Services, Integrated Health and Social Care, unpaid carer direct payments, early intervention and prevention, along with improved advertising and recruitment for social care. The funding could be assigned to existing cost pressures within the Portfolio which would have a positive impact on the outturn.
The Corporate Finance Manager explained that the report also detailed the position by portfolio; significant variances that month; achievement of planned in-year efficiencies; emergency funding, unearmarked reserves and earmarked reserves.
He explained the reasons for the favourable movement in the projected overspend, all of which were detailed in the report.
That the report and the estimated financial impact on the 2021/22 budget be noted.