Issue - meetings

To consider the attached report which presents the financial monitoring information for the Authority as a whole for the financial year 2021/22, using information available as at the end of December 2021.

On a motion by Cllr Richard Samuel, seconded by Cllr Guy it was,

RESOLVED (unanimously):

(1)  To note the 2021/22 revenue budget position (as at the end of December 2021).

(2)  To note the revenue virements listed for information only in Appendix 3(i) of the report.

(3)  To note the capital year-end forecast detailed in paragraph 3.25 of the report.

(4)  To note the changes in the capital programme including capital schemes that have been agreed for full approval under delegation listed in Appendix 4(i) of the report.

To consider the attached report which presents the financial monitoring information for the Authority as a whole for the financial year 2021/22, using information available as at the end of December 2021.

Cllr Richard Samuel introduced the report and made the following statement:

“Although the budget report is the main event on tonight’s agenda, I want to highlight a quiet building success story.

The revenue budget outturn is forecast to be under budget by £60k at the year end. If we reach that milestone then this Liberal Democrat administration will have delivered 12 consecutive quarters of balanced financial management. This is something the last administration got nowhere near. My aim is that by May 2023 that balancing of budgets will add a further four quarters to that total. Sixteen consecutive quarters of tight financial management.

Why does that matter? Well first of all it highlights that the council is managing within its resources. Not overspending. Not wasting money on vanity projects. Not taking from reserves to prop up overspending. Not failing to deliver year on year savings. Not spending scarce capital funds on making staff redundant.

In short it is about being a well-managed, well run efficient council that taxpayers can rely on to manage their money properly. A council that takes strong action when it needs to such as the emergency Covid budget we put through in 2020.

Of course, there are always ups and downs in any organisation that is spending over £300m each year. In this quarter we report increased spending on Children’s Services and the continuing downturn in heritage income, but this is balanced by lower than expected spend on adult services.

The capital programme has experienced a considerable slow-down in the delivery of projects largely due to the pandemic, but this has had the bonus of reducing borrowing costs in the short term.

Chair this report is a positive health check on the state of play of the council’s finances and I thank the senior management team for their continuing vigilance on our behalf. I move the recommendations set out in the report.”

The motion was seconded by Cllr Kevin Guy.

RESOLVED (unanimously) to recommend the Cabinet on 11 February 2022:

(1)  To note the 2021/22 revenue budget position (as at the end of December 2021).

(2)  To note the revenue virements listed for information only in Appendix 3(i) of the report.

(3)  To note the capital year-end forecast detailed in paragraph 3.25 of the report.

(4)  To note the changes in the capital programme including capital schemes that have been agreed for full approval under delegation listed in Appendix 4(i) of the report.