Decision details

Cabinet received a report of the Director of Finance which set out the revenue and capital year end position for the financial year 2021/22.  It was noted this report had also been considered by Finance Scrutiny Committee on 27 June 2022.

The Mayor commended the officers for their work.  He invited Councillor Watkin to introduce the report.

Councillor Watkin commented that the report showed how well the council had managed its finances during 2021/22.  He highlighted various sections of the report including the revenue outturn, which showed a favourable net effect variance of £460,000; the major variances in the revised budget; the requested carry forwards; the council’s ambitious Capital Programme set out in the report and detailed in Appendix 4.  He added that 2021/22 had been a challenging year due to the continuing Covid pandemic.  He commended the report to Cabinet.

Councillor Stotesbury noted the large capital programme.  Given the current state of inflation he was proud how the council had managed its finances and was still able to have a Capital Programme.  The council was leading the way as a bold administration.  He acknowledged the council also had to be pragmatic and additional support from the Government would be welcomed.

The Mayor responded that the council had submitted a strong Levelling Up bid.  It was hoped the council would receive extra funding as a result of the bid.

RESOLVED –

1.         that Cabinet has considered the 2021/22 revenue year end position as summarised at Paragraph 4.1 of the report, the supplementary notes at Appendices 1 to 5 and notes the year end position, which includes carry forwards into budgets for 2022/23.        

2.         that the 2021/22 budget carry forwards into 2022/23 as recommended by the Leadership Board totalling £1.393 million as detailed at Appendix 2 be approved. This will change the approved 2022/23 total revenue services budget from £13.743 million to £15.136 million.

3.         that Cabinet has considered the 2021/22 capital year end position as summarised at Paragraph 5.1 and shown in detail in Appendix 4. Cabinet confirms the rephasing of £37.669 million into 2022/23.