Agenda item

The Cabinet considered a report of the Corporate Director of Resources which presented information on the following:

a)   forecast revenue and capital outturn for 20220/21;

b)   forecast for the council tax and business rates collection fund position at 31 March 2021;

c)    forecast of earmarked cash limit and general reserves, and, the estimated balances to be held at 31 March 2021. 

The report also sought approval of the budget adjustments and proposed sums outside the cash limit, and, provided an update on progress towards achieving MTFP(10) savings (for copy see file of minutes). 

The Corporate Director of Resources requested that Cabinet note the high level of uncertainty when considering the figures set out in the report, particularly due to the Covid-19 pandemic.

Councillor Napier accepted the impact of Covid-19 on funding and recognised the difficulties in predicting income and expenditure during such uncertain times.  He commended the exceptional management of the council’s finances which had enabled significant support to continue to be provided in areas such as welfare support and the local council tax support scheme.  He highlighted the authority is recognised as one of the leading councils for its support provided to local businesses, adding that capital expenditure plans will continue to focus on local companies and suppliers, to provide support to local business. Councillor Napier referred to the impact of 10 years of austerity, saying that although the council is on track to achieve its agreed budget savings for this year, he hoped that the importance of the authority would be recognised by the government, when considering funding cuts in the future.  He thanked all officers concerned for their diligent management of the budget which had undoubtedly been a difficult task.

The Chair remarked on the significant additional costs, and, loss of income as a result of Covid-19 and the time of great financial uncertainty.  He confirmed the financial position will be reviewed and reported in future outturn reports, and, the council will continue to lobby government to cover all Covid-19 costs, and lost income.

Resolved:

That the recommendations in the report be approved.