Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To inform Cabinet of the summary position on revenue income and expenditure forecasts for the financial year 2021/22, as at the end of the third quarter.

RESOLVED:

(1)  That Cabinet noted this report.

(2)  That Cabinet approved the changes to the 2021/22 General Fund budget, as identified in table 3 and paragraph 8.2, a £510k decrease in net expenditure.

(3)  That Cabinet approved the changes to the 2022/23 General Fund budget, as identified in table 3 and paragraph 8.2, a total £238k increase in net expenditure.

REASON FOR DECISIONS: Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process

Audio recording – 20 minutes 42 seconds

Councillor Ian Albert presented the report entitled ‘Third Quarter Revenue Monitoring 2021/22’ and updated Members including:

·         Table 3 in the report detailed the main budget variances.

·         The forecast impact of Covid 19 was £1.5million, which was after deduction of government sales fees and charges contribution. The un-ringfenced Covid 19 contribution took the overall net impact down to around £1million.

·         Regular meetings had been held with Stevenage Leisure Limited and a good partnership had been developed to the benefit of the services.

·         There was a forecast increase on the General Fund balance from £8.9 million to around £10 million.

·         Officers were working hard to deliver the £150 Council Tax rebate in Bands A to D. The aim was to make these payments in early April where direct debit details are held.

·         Communications would be going out regarding this, as well as to inform those without a direct debit set up as to how they access this rebate.

·         More detail on the rebate scheme would be given further into April.

Councillor Ian Albert proposed and Councillor Judi Billing seconded and, following a vote, it was:

RESOLVED:

(1)  That Cabinet noted this report.

(2)  That Cabinet approved the changes to the 2021/22 General Fund budget, as identified in table 3 and paragraph 8.2, a £510k decrease in net expenditure.

(3)  That Cabinet approved the changes to the 2022/23 General Fund budget, as identified in table 3 and paragraph 8.2, a total £238k increase in net expenditure.

REASON FOR DECISIONS: Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process