Decision details

The Lead Executive Member for Finance and Resources presented the report which outlined the financial results and budget exceptions to 31^st March 2021.

The Lead Executive Member for Finance and Resources explained that the latest returns to the Government in respect of the impact of Covid-19, showed losses of £2.8m in 2020/21. It was noted that to date, the Council had received £1.1m Covid-19 funding from the Government.

The Executive was informed of amendments to some of the figures outlined in the report. The carry forward figure following year end was now £451k in the General Fund and just over £1m in the Housing Revenue Account (HRA).

RESOLVED:

i)             To carry forward proposals in the General Fund and HRA of £3,302k as set out in Appendix E and a carry forward of the Programme for Growth funds for £2,334k as set out in Appendix D totalling £5,636k to be carried forward from 2020/21 to 2021/22.

ii)            To confirm the allocations of the Covid Emergency Grant between the General Fund and HRA.

iii)          Subject to recommendation 2, to transfer the resulting surplus reported on the General Fund to the contingency reserve.

iv)          Subject to recommendation 2, to transfer the resulting additional HRA surplus to ‘HRA Major Repairs Reserve to support the future capital programme.

v)            To endorse the financing of additional refuse/recycling bins from a corresponding revenue saving on the contract.

vi)          To approve the allocation of £127k from the Operational Contingency in 2021/22 for homelessness provision (per sections 3.2 and 3.3).

REASON FOR DECISION:

To allow projects and initiatives not completed in year to be rolled over to the following year, to fund the deficit on the General Fund from reserves and to make adequate appropriations to reserves in the HRA to mitigate future spending priorities.