Report of the Director of Finance

RESOLVED –

1.         To consider the 2020/21 revenue outturn as shown in Annex A, and note the year end position, which includes requests to carry forward budgets into 2021/22.

2.         To approve the 2020/21 budget carry forwards into 2021/22 as recommended by the Leadership Board totalling £0.274 million.

3.         To consider the 2020/21 capital outturn as shown in Annex A and to confirm the net rephasing of £29.804 million into 2021/22 and future years.

Cabinet received a report of the Director of Finance which informed members of the revenue and capital outturns for the financial year 2020/21.

The Mayor invited Councillor Watkin, Portfolio for Resources including Finance to present the report.

Councillor Watkin outlined the details contained in the officer’s report.  He noted that a small balance had been transferred to the Economic Impact Reserve.  The property portfolio had held up well considering the pandemic.  He referred to the savings achieved by the Watford 2020 project.  He mentioned the Capital budget and the number of projects although some of these had not been completed during the year due to the Covid-19 pandemic.

Councillor Watkin explained that Appendix 6 in the annex to the report set out the various reserve accounts.  Some of these had been closed and transferred to the Recovery Fund.  It had been the most challenging of years financially.

The Mayor invited Councillor Turmaine, the chair of Finance Scrutiny Committee, to speak.

Councillor Turmaine explained that the scrutiny committee had reviewed the document which was before Cabinet.  Members had noted the re-phasing of capital projects.  However they also understood there were many positive news stories.  The scrutiny committee would be monitoring the budget through the year including the re-phased capital costs.

In response to a question from Councillor Bell about business grants paid out during the pandemic, the Mayor commented that the taxi trade had been paid directly.

The Director of Finance informed members that all grant schemes were now closed except for the re-start scheme.    All grant funding received by the council, plus extra, had been paid out.  The discretionary scheme had been opened on three separate occasions.  The Licensing team had approached taxi drivers directly and most of them had been contacted and awarded a grant.

RESOLVED –

1.         To consider the 2020/21 revenue outturn as shown in Annex A, and note the year end position, which includes requests to carry forward budgets into 2021/22.

2.         To approve the 2020/21 budget carry forwards into 2021/22 as recommended by the Leadership Board totalling £0.274 million.

3.         To consider the 2020/21 capital outturn as shown in Annex A and to confirm the net rephasing of £29.804 million into 2021/22 and future years.