Decision details

Quarter 2 Finance Report and Revised Budget 2021-22

Decision Maker: Executive

Decision status: Recommendations approved

Is Key decision?: No

Is subject to call in?: Yes

Decisions:

The subject of the decision

 

The Chief Officer Assets submitted a report which sought to inform Members on the Council’s financial performance against budget for the period April to September 2021 and approval for the revised revenue and capital budgets for 2021-22.

 

Members noted the key messages at the end of quarter 2 for 2021/22, summarised from page 8 of the agenda and the revised revenue and capital budgets summarised on pages 9-10.

 

Members thanked staff for their hard work during the difficult period.

 

Councillor C Sharpe moved the recommendations as per the report; this was seconded by Councillor T Markley. The motion was unanimously agreed.

 

Alternative options considered

 

None

 

The reason for the decision

 

To inform Members of the Council’s financial performance against budget for the period April to September 2021 and approval of the revised revenue and capital budgets for 2021-22.

 

The decision

 

Recommended – That Council be requested to agree that –

 

  i.  The forecasted position against the original revenue and capital budgets at the end of quarter 2 be noted,

 

  ii.  The requirement for a county wide LGR Implementation Reserve be noted,

 

  iii.  The establishment of an implementation reserve/ budget provision of up to £1.6 million be approved as Allerdale BC’s contribution to the LGR implementation costs, subject to contributions being approved by all the Cumbrian authorities,

 

  iv.  Responsibility be delegated to the Chief Officer – Assets (section 151 officer) to identify a funding source for the Implementation Reserve from earmarked reserves, and to pay the contribution, or appropriate proportion thereof, to the County Council in January 2022,

 

  v.  The revised budget (inclusive of spend from earmarked reserves) of £19.691m be approved,

 

  vi.  The revised net revenue budget requirement of £15.911m be approved,

 

  vii.  The revised three year capital budget (including proposed financing) of £42,193k, comprising £7,569k in 2021-22, £19,280k in 2022-23 and £15,344k in 2023-24 be approved,

 

 viii.  The revised position on earmarked and un-earmarked general fund balances be noted,

 

  ix.  The updated forecast MTFP be noted.

 

Publication date: 25/11/2021

Date of decision: 24/11/2021

Decided at meeting: 24/11/2021 - Executive

Effective from: 07/12/2021

Accompanying Documents: