Issue - meetings
Revenue Budget Monitoring 2021/22 (Month 10)
Meeting: 15/03/2022 - Cabinet (Item 129)
129 Revenue Budget Monitoring 2021/22 (Month 10) PDF 196 KB
- Enc. 1 for Revenue Budget Monitoring 2021/22 (Month 10), item 129 PDF 105 KB
- Enc. 2 for Revenue Budget Monitoring 2021/22 (Month 10), item 129 PDF 148 KB
- Enc. 3 for Revenue Budget Monitoring 2021/22 (Month 10), item 129 PDF 23 KB
- Enc. 4 for Revenue Budget Monitoring 2021/22 (Month 10), item 129 PDF 219 KB
- Enc. 5 for Revenue Budget Monitoring 2021/22 (Month 10), item 129 PDF 95 KB
- Webcast for Revenue Budget Monitoring 2021/22 (Month 10)
As detailed in the recommendations.
Councillor Johnson introduced the report which provided the latest detailed revenue budget monitoring position in 2021/22 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 10.
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 (£4.604m) which was a favourable movement of (£3.067m) from the surplus figure of (£1.537m) reported at Month 9
- A projected contingency reserve balance as at 31st March 2022 of £5.973m (after taking into account the 2021/22 NJC pay award and the increased contribution to the Emergency Reserve agreed as part of the 2022/23 Budget)
Housing Revenue Account
· Net in-year revenue expenditure forecast to be £0.382m higher than budget
· A projected closing balance as at 31st March 2022 of £4.035m
The significant movement at Month 10 was in the main as a result of additional Social Care funding for Winter pressures being confirmed late in the financial year by Welsh Government (WG) of £2.167m, together with additional grant funding criteria being updated by WG within Children’s Services of £0.292m.
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.
Councillor Bithell asked if any costs associated with damage and subsequent clear up from the recent storms were known. The Chief Executive said the damage had not been as significant as was feared, and the Chief Officer (Streetscene and Transportation) clarified that the costs were still be worked through.
In response to a further question from Councillor Bithell, the Chief Executive explained that energy was purchased in advance with the gas contract running out in April 2023 and the electricity contract running out in October 2022.
(a) That the estimated financial impact on the 2021/22 budget be noted; and
(b) That the carry forward requests be approved.