Agenda item

Revenue Budget Monitoring - Quarter 3

Report of the Group Director of Operations.


The Cabinet Member with the Resources Portfolio introduced the report of the Group Director of Operations (previously circulated) providing a forecast of the 2021/22 revenue budget outturn, as part of the Council’s continuous financial management process.


The submitted report stated that it was the third revenue budget management report to Cabinet for 2021/22 and that the projected revenue reserve at the end of 2021/22 was £29.773M, an improvement of £4.847M on the planned balances in the 2021/25 Medium Term Financial Plan (MTFP).  The improvement in reserves included £2.317M of additional balances brought forward following the 2020/21 outturn; £0.993M of resources returned to reserves, following the rebasing exercise; £0.196M of projected Group overspends; a £0.729M increase in corporate resources; and a net £1.004M required from the COVID-19 reserve.


It was reported that of the £29.733M projected reserves, there was a risk reserve balance of £5.350M and a commitment to use £15.838M to support years two to four of the current MTFP, which left £8.585 of unallocated reserves.


RESOLVED - (a)  That the forecast revenue outturn for 2021/22, as detailed in the submitted report, be noted.


(b)  That further regular reports be made to monitor progress and take prompt action if necessary.


(c)  That the carry forwards requested, as detailed in the submitted report, be agreed.


(d)  That a ‘ring fenced’ reserve be created for a 2025 Rail Heritage Fund.


REASONS - (a)  To continue effective management of resources.


(b)  To continue to deliver services to agreed levels.

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