Agenda item

To consider the Budget 2021/22 – Final Outturn report.

RESOLVED to:

I.              Note the General Fund, Housing Revenue Account and Capital Programme outturn positions.

II.            Approve the updated use of reserves and the allocation of the surplus for the General Fund, set out in paragraph 12 and Housing Revenue Account, set out in paragraph 56.

III.           Approve the requested slippage for the Capital Programme as set out in paragraph 64.

Councillor Hargreaves, the Portfolio Holder for Finance and the Budget,presented the Budget 2021/22 – Final Outturn report.

He recommended that Members:

• Note the General Fund, Housing Revenue Account and Capital Programme outturn positions
• Approve the updated use of reserves and the allocation of the surplus for the General Fund, set out in paragraph 12 and Housing Revenue Account, set out in paragraph 56
• Approve the requested slippage for the Capital Programme as set out in paragraph 64

Councillor Pepper said that the two items identified by members as a priority were Climate Change and economic recovery. There had been an underspend which would be held in the reserves for two years, although nearly a third would be spent imminently. The waste management over spend of £405,000 was as a result of staff vacancies and additional agency fees and the reduction in trade waste income of £118,000 was due to businesses being closed during the pandemic.

In response to a question from Councillor Smith, Councillor Hargreaves said that:

• The Housing Revenue Account included a Public Loans Board long term fixed loan
• The commercial investments included a loan with Phoenix Life
• Other loans were covered within the Treasury Management report
• Since the end of March 2022 there was a further £80million Public Loans Board finance
• The response to Councillor Caton`s question shared with Full Council provided further in depth information

The Chief Executive said that they were modelling how it would look going forward which would be shared at the Member briefing scheduled for 22 November 2022.

In response to a question from Councillor Evans, Councillor Hargreaves said that the funds collected on behalf of other authorities as part of the Council Tax billing process were immediately forwarded to the appropriate authority. However, for accounting purposes these funds had been calculated as income, which created a distorted picture.

The Assistant Director of Business and Change Management said that some of the reserves were ringfenced for specific items and activities, such as the Business Rates Relief Section 31 grant and the Licensing reserves which was directly attributable to taxi licensing. There was also earmarked reserves which were allocated as appropriate.

In response to a question from the Leader, Councillor Hargreaves said that the auditor had not yet completed the audit due to staffing issues, which was a national issue.

In response to a question from Councillor Coote, the Assistant Director of Business and Change Management said that the slippage on empty dwellings was related to unrequired repair costs. An average budget would be set as it was not possible to predict exactly what repairs would be necessary and spend would fluctuate year on year.

Councillor Evans noted that the report included details of the Local Plan costs on paragraph 24 and provides complete information running through until 2026.

The Chief Executive said that although the Local Plan was delayed the overall budget had not changed.

Councillor Hargreaves said that it was possible that the delay could reduce the cost of delivering the Local Plan, as additional costs would have been incurred had the incomplete draft plan been taken to Regulation 18 prematurely.

Councillor Freeman seconded the proposal.

The Leader moved to a vote. The proposal was approved unanimously.

            RESOLVED:

I.              Note the General Fund, Housing Revenue Account and Capital Programme outturn positions.

II.            Approve the updated use of reserves and the allocation of the surplus for the General Fund, set out in paragraph 12 and Housing Revenue Account, set out in paragraph 56.

III.           Approve the requested slippage for the Capital Programme as set out in paragraph 64.