Issue - meetings

Financial Monitoring Report 2021/22

Meeting: 22/12/2021 - Cabinet (Item 12)

12 Financial Monitoring Report 2021/22 pdf icon PDF 196 KB

Decision:

Cllr Lynden Stowe, Deputy Leader and Cabinet Member for Finance and Change gave an update on the Council’s forecast revenue year end position.

 

Having considered all of the information. Cabinet noted the report and

 

RESOLVED to:

 

1. Note the forecast revenue year end position based on October 2021 (Period 7) forecasts for the 2021/22 financial year is an overspend of £2.076 million all of which relates to non Covid-19 expenditure, as we are forecasting a balanced position in relation to Covid-19 expenditure and income.

 

2. Note delivery of the £5.668 million of savings against a target of £6.761 million in 2021/22 or 83.83% of target.

 

3. Note the forecast capital year end position as at the end of September 2021 of £152.768 million against the current budget of £153.180 million.

 

4. Approve the £987,192 million virement within the AMPS capital programme outlined in Section C

 

5. Approve the £4.054 million increase to the capital programme - made up of £3.7m for Gloucester City Centre Cycle Spine, £37.8k for Lydney Highway Strategy, £1.5k for Easington Bus Shelter, £300k for Treescape project and £15k for GFRS Light Vehicles (see Section C).

 

6. Note the £9.242 million increase to the capital programme – made up of £9.122m Levelling Up grant funding towards the Gloucester SW Bypass, Llanthony Road scheme and £120k to purchase a second-hand aerial ladder platform (ALP) funded from capital receipts (see Section C).

 

Minutes:

Cllr Lynden Stowe, Deputy Leader and Cabinet Member for Finance and Change

gave an update on the Council’s forecast revenue year end position at the end of October 2021 detailing an overspend of £2.076 million all of which was non Covid-19 related.

 

A balanced position was forecast in relation to Covid019 expenditure and income.

 

The largest non-Covid-19 budget variance was the £8.302 million forecast overspend in Children and Families – this overspend was partially offset by the £6.420 million underspend in Technical and Countywide. The overspend in Children and Families reflected the continuing pressure on external placements. Social Care staffing and Disability Services were also over-spending.

 

The forecast outturn capital position for 2021/22 was £152.923 million against the budget of £153.180 million giving forecast in year slippage of £257,0000.

 

 

Having considered all of the information. Cabinet noted the report and

 

RESOLVED to:

 

1. Note the forecast revenue year end position based on October 2021 (Period 7) forecasts for the 2021/22 financial year is an overspend of £2.076 million all of which relates to non Covid-19 expenditure, as we are forecasting a balanced position in relation to Covid-19 expenditure and income.

 

2. Note delivery of the £5.668 million of savings against a target of £6.761 million in 2021/22 or 83.83% of target.

 

3. Note the forecast capital year end position as at the end of September 2021 of £152.768 million against the current budget of £153.180 million.

 

4. Approve the £987,192 million virement within the AMPS capital programme outlined in Section C

 

5. Approve the £4.054 million increase to the capital programme - made up of £3.7m for Gloucester City Centre Cycle Spine, £37.8k for Lydney Highway Strategy, £1.5k for Easington Bus Shelter, £300k for Treescape project and £15k for GFRS Light Vehicles (see Section C).

 

6. Note the £9.242 million increase to the capital programme – made up of £9.122m Levelling Up grant funding towards the Gloucester SW Bypass, Llanthony Road scheme and £120k to purchase a second-hand aerial ladder platform (ALP) funded from capital receipts (see Section C).

Leader of Council