Issue - meetings

·            To report the financial outturn for the year 2021/22 for the General Fund and HRA against revenue and capital budgets.

·            To report the outcome of the review of general fund reserves within the scope of the MTFP, as committed to in the budget report to Council in February.

·            To alert members to emerging pressures and risks to the 2022/23 budget and the general fund MTFP

·            To note the ongoing strategic review of the HRA Business Plan  

        This report contains the following Annexes:

        Annexe 1 – General Fund revenue outturn 2021/22 summary

        Annexe 2 – General Fund capital outturn 2021/22 summary

       Annexe 3 – HRA revenue outturn 2021/22 summary

        Annexe 4 – HRA capital outturn 2021/22 summary

       Annexe 5 – Capital Receipts Flexibility 2021/22

        Annexe 6 – General Fund reserves within the scope of the MTFP

Recommendation

That the Executive:

                    i.       note the 2021/22 outturn position for the HRA and General Fund including the agreed budget carry forward amounts

                   ii.       note the emerging pressures and risks set out in the report and, in the light of these, ask officers to undertake a mid-year review of the MTFP including any reprioritisation of capital schemes, and report to Council in October via overview and scrutiny committee.

                  iii.       recommend to Council to approve the schedule of reserves in Annexe 6 including the purpose, allowable use and the proposed movements in 2021/22 and to agree a delegation to the S151 officer to agree draw down from the reserves if the use is in line with the approved purpose. 

                  iv.       recommend to Council to make the change to the treasury management strategy threshold for the maximum investment for an individual counterparty as set out in paragraph 8.2.

                   v.       approve the capital receipt flexibility strategy as detailed in paragraph 9.3 to utilise the extended flexibilities around funding.

RESOLVED that

                    i.       the 2021/22 outturn position for the HRA and General Fund including the agreed budget carry forward amounts be noted

                   ii.       the emerging pressures and risks set out in the report be noted and, in the light of these, officers be asked to undertake a mid-year review of the MTFP including any reprioritisation of capital schemes, and report to Council in October via overview and scrutiny committee.

                 iii.       It be recommended to Council to approve the schedule of reserves in Annexe 6 including the purpose, allowable use and the proposed movements in 2021/22 and to agree a delegation to the S151 officer to agree draw down from the reserves if the use is in line with the approved purpose. 

                 iv.       It be recommended to Council to make the change to the treasury management strategy threshold for the maximum investment for an individual counterparty as set out in paragraph 8.2.

                   v.       the capital receipt flexibility strategy as detailed in paragraph 9.3 to utilise the extended flexibilities around funding be approved.

Reason: Reporting the financial outturn builds on the quarterly monitoring during the year and shows the extent to which the Council has kept within its income and expenditure budgets, demonstrating transparency and good governance. This report follows up on actions identified in the budget report agreed by Council in February. It should be noted that the HRA business plan strategic review is underway and will be reported to the Executive, via scrutiny committee, in the autumn.

[This matter is recommended to Council for decision and is not subject to the call-in procedure.]

Councillor Merryweather presented the report which set out the 2021/22 outturn position, the emerging pressures on the current financial year’s budget and proposals for managing those pressures, including a further review of the Medium Term Financial Plan later in the year.  A strategic review of the HRA Business Plan was already underway.

The Leader welcomed the work of the officers on their competent management of the Council’s finances.

RESOLVED that

                    i.       the 2021/22 outturn position for the HRA and General Fund including the agreed budget carry forward amounts be noted

                   ii.       the emerging pressures and risks set out in the report be noted and, in the light of these, officers be asked to undertake a mid-year review of the MTFP including any reprioritisation of capital schemes, and report to Council in October via overview and scrutiny committee.

                 iii.       It be recommended to Council to approve the schedule of reserves in Annexe 6 including the purpose, allowable use and the proposed movements in 2021/22 and to agree a delegation to the S151 officer to agree draw down from the reserves if the use is in line with the approved purpose. 

                 iv.       It be recommended to Council to make the change to the treasury management strategy threshold for the maximum investment for an individual counterparty as set out in paragraph 8.2.

                   v.       the capital receipt flexibility strategy as detailed in paragraph 9.3 to utilise the extended flexibilities around funding be approved.

Reason: Reporting the financial outturn builds on the quarterly monitoring during the year and shows the extent to which the Council has kept within its income and expenditure budgets, demonstrating transparency and good governance. This report follows up on actions identified in the budget report agreed by Council in February. It should be noted that the HRA business plan strategic review is underway and will be reported to the Executive, via scrutiny committee, in the autumn.