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Agenda item

Financial Monitoring Report - Position at 31/08/20, with Projected Revenue and Capital Outturn at 31/03/21

Joint Report of the Corporate Director of Neighbourhoods and Climate Change and the Corporate Director of Resources / Treasurer to the Joint Committee.

Minutes:

The Joint Committee considered a joint report of the Corporate Director of Neighbourhoods and Climate Change and the Corporate Director of Resources and Treasurer to the Joint Committee which set out details of income and expenditure in the period 1 April 2020 to 31 August 2020, together with the forecast outturn position for 2020/21, highlighting areas of over / underspend against the revenue budgets at a service expenditure analysis level.

 

The report also detailed the funds and reserves of the Joint Committee at 1 April 2020 and forecast outturn position at 31 March 2021, taking into account the provisional financial outturn (for copy see file of Minutes).

 

The Head of Finance and Transactional Services explained that, factoring in overspends, the additional cremations as referred to by the Bereavement Services Manager and Registrar meant that the updated projected outturn showed a surplus (before transfers to reserves and distribution of surpluses to the partner authorities) of £1,036,345 against a budgeted surplus of £761,132, £275,213 more than the budgeted position.  Details of the significant variances were detailed in the report.  It was noted that the major variances were set out at paragraph 11 onwards, by subjective analysis area.  It was added that paragraph 14 set out the reasons for some capital works having been deferred, as set out within the SAMP.

 

The Head of Finance and Transactional Services went on to advise that in terms of the retained reserves at 31 March 2021, they were forecast to be £1,607,046 along with a General Reserve of £517,770, giving a forecast total reserves and balances position of £2,124,816 at the year end.

 

It was noted this represented a very strong position going forward, with a health level of reserves.

 

 

The Chair thanked the Head of Finance and Transactional Services, noted the positive position and asked Members for their comments and questions.

 

Councillor P Jopling noted the performance information within the previous report and asked as regards the delay in relining of the cremators, whether that would have an impact in terms of performance.  The Bereavement Services Manager and Registrar noted that it would not impact upon the performance of the cremators, and the Head of Finance and Transactional Services added that within the life cycle of the equipment it would be expected that the cremators would be relined, however, inspections were carried out annually and if the works were not required then they would be looked at as required.

 

Town Councillor D Ranyard asked as regards water resomation and any predicted associated costs.  The Head of Finance and Transactional Services noted the Joint Committee had previously received a report which had mentioned resomation as a new process, primarily used in North America.  He noted there was no licence for the process currently in the UK and that trials were under way and the Bereavement Services Manager and Registrar would report back to the Joint Committee in terms of the financial and environmental business case in due course.  The Bereavement Services Manager and Registrar noted that COVID-19 seemed to have impacted upon the trials and he would continue to provide updates to the Joint Committee.

 

Resolved:

 

That the April to December 2019 revenue spend financial monitoring report and associated provisional outturn position at 31 March 2020, including the projected year end position with regards to the reserves and balances of the Joint Committee be noted.

 

Supporting documents:

 

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