Issue - meetings

As detailed in the recommendations.

Councillor Johnson introduced the item which provided the revenue budget final outturn position for the financial year 2021/22 for the Council Fund and the Housing Revenue Account.

The Accounts for 2021/22 were closed and the Council was on schedule to submit the formal Statement of Accounts and supporting notes to Audit Wales within the framework set by Welsh Government (WG).

The Strategic Finance Manager added that the COVID-19 pandemic had continued to provide challenges for the Council, with the financial impact over the last 12 months being significant.  The final position reflected additional grant funding received from WG which had significantly contributed to the level of operating surplus.  That included additional Social Care funding for winter pressures of £2.167m together with additional grant funding for Children’s Services from WG of £0.292m.

The final year end position was:

Council Fund

·         An operating surplus of (£5.711m) which was a favourable movement of (£1.107m) from the surplus figure of (£4.604m) reported at Month 10

·         The operating surplus of (£5.711m) which equated to 1.9% of the Approved Budget, which was above the target MTFS KPI for a variance against budget of 0.5%

·         A projected contingency reserve balance as at 31^st March 2022 of £7.098m

Housing Revenue Account

·         Net revenue expenditure £1.404m higher than budget

·         A closing balance as at 31^st March 2022 of £3.616m

The Chief Executive explained that it was important to note that the majority of positive movements provided a one-off benefit only and would not have been material to the budget setting process for 2022/23.

RESOLVED:

(a)       That the overall report and the Council Fund contingency sum as at 31^st March 2022 be noted;

(b)       That the final level of balances on the Housing Revenue Account be noted; and

(c)        That the carry forward requests be approved.