The Interim Head of Financial and Customer Services presented the Financial Monitoring report for Members’ consideration.
The Executive Committee was informed that the report related to the financial performance of the Council in the first 11 months of the 2021/22 financial year. An underspend was anticipated in the general fund. The Council had not had to use £1 million of Covid-19 grant funding, and this would be retained for use in the following financial year. Whilst some adjustments would be required for the twelfth month of the financial year, it was not anticipated that these would be significant.
A significant underspend was anticipated for the capital budget. A similar situation had been reported by many Councils across the country, due to competition over materials, labour and other key resources needed to deliver capital projects.
The Housing Revenue Account (HRA) was in a better position than previously anticipated. There had been underspends in areas such as on vacant posts and on expenditure in Repairs and Maintenance. However, some capital projects had been delivered, including upgrades to the bin sheds for some of the Council Houses in the Borough.
Members welcomed the report and in so doing commented on the pressures on the Council’s budget arising from the Covid-19 pandemic and the action that had been taken to address this.
RESOLVED to note that
1) the forecast 2021/22 outturn position in relation to revenue budgets based on the financial period April 2021 – February 2022 would be a projected revenue underspend of £136k;
2) Capital expenditure to date would be £1.3m against a total an approved programme of £9.9m; and
3) HRA net revenue expenditure would be £240k better than expected although Capital Expenditure would £5.3m less than budget.