Agenda item

Report of the Cabinet Member for Finance and Capital Assets setting out any key financial decisions of a capital or revenue nature.

(CAB 21/22 32285)

On consideration of the report of the Cabinet Member for Finance and Capital Assets, Cabinet agreed the following:-

General Revenue Fund

It is recommended that Cabinet:

(i)  Notes the forecast outturn position for business as usual activities is a £2.69M deficit, as outlined in paragraph 4 and in paragraph 1 of appendix 1.

(ii)  Notes the financial position arising from COVID-19 is a surplus of £0.04M, as outlined in paragraph 5 and in paragraph 1 of appendix 1.

(iii)  Notes the performance of treasury management, and financial outlook in paragraphs 7 to 11 of appendix 1.

(iv)  Notes the forecast year end position for reserves and balances as detailed in paragraphs 12 and 13 of appendix 1.

(v)  Notes the Key Financial Risk Register as detailed in paragraph 14 of appendix 1.

(vi)  Notes the performance against the financial health indicators detailed in paragraphs 18 and 19 of appendix 1.

(vii)  Notes the forecast outturn position outlined in the Collection Fund Statement detailed in paragraphs 22 to 26 of appendix 1.

Housing Revenue Account

It is recommended that Cabinet:

(viii)  Notes the forecast outturn position on business as usual activities is a surplus of £1.11M as outlined in paragraph 6 and paragraph 20 of appendix 1.

(ix)  Notes that a favourable variance of £0.57M is forecast arising from COVID-19, as outlined in paragraph 6 and paragraph 20 of Appendix 1.

Capital Programme

It is recommended that Cabinet:

(x)  Notes the revised General Fund Capital Programme, which totals £437.08M as detailed in paragraph 1 of appendix 2.

(xi)  Notes the HRA Capital Programme is £340.81M as detailed in paragraph 1 of appendix 2.

(xii)  Notes that the overall forecast position for 2021/22 at quarter 1 is £209.09M, resulting in a potential surplus of £7.90M, as detailed in paragraphs 4 and 5 of appendix 2.

(xiii)  Notes that the capital programme remains fully funded up to 2025/26 based on the latest forecast of available resources although the forecast can be subject to change; most notably regarding the value and timing of anticipated capital receipts and the use of prudent assumptions of future government grants to be received.

(xiv)  Notes that £25.69M has been added to the programme with relevant approvals. These changes are detailed in annex 2.1 to appendix 2.

(xv)  Notes forecast slippage and rephasing as detailed in paragraph 4 and 5 of appendix 2. Noting that the movement has zero net movement over the 5-year programme.

(xvi)  Notes that no variances are forecast arising from COVID-19 as detailed in paragraph 8 of appendix 2.