Agenda item
Corporate Finance Performance Report Year Ending 2021/22 (Cab.1.6.2022/10)
Decision:
RESOLVED that Cabinet:-
1.
Notes the final position for the General Fund being
an operational underspend of £4.9M (after adjusting for
statutory balances, scheme slippage & known expenditure
commitments in 22/23 – as per Appendix 1 of the
report);
2.
Notes the final position on the Housing Revenue
Account, being an operational underspend of £0.2M;
3.
Notes that whilst the above positions are
favourable, the Council is set to face significant financial
pressure in the next financial year and beyond as a consequence of
several emerging risks including supply chain and inflationary
issues, increasing demand for council services eg looked after
children, the impact of adult social care reform and other policy
related risks;
4.
Approves that the 21/22 underspends [£4.9M
& £0.2M respectively] be held in strategic reserves to
mitigate against these cost pressures, pending a fundamental
refresh of the Medium-Term Financial Strategy / Improvement &
Efficiency Agenda; and
5. Approves the write off of historic bad debts totalling £0.9M as detailed in the report.
Minutes:
RESOLVED that Cabinet:-
1.
Notes the final position for the General Fund being
an operational underspend of £4.9M (after adjusting for
statutory balances, scheme slippage & known expenditure
commitments in 22/23 – as per Appendix 1 of the
report);
2.
Notes the final position on the Housing Revenue
Account, being an operational underspend of £0.2M;
3.
Notes that whilst the above positions are
favourable, the Council is set to face significant financial
pressure in the next financial year and beyond as a consequence of
several emerging risks including supply chain and inflationary
issues, increasing demand for council services eg looked after
children, the impact of adult social care reform and other policy
related risks;
4.
Approves that the 21/22 underspends [£4.9M
& £0.2M respectively] be held in strategic reserves to
mitigate against these cost pressures, pending a fundamental
refresh of the Medium-Term Financial Strategy / Improvement &
Efficiency Agenda; and
5. Approves the write off of historic bad debts totalling £0.9M as detailed in the report.
Supporting documents:
- Corporate Finance Performance 2021-22, item 13. PDF 670 KB
- Appendix 1 - CR 21-22 Earmarkings, item 13. PDF 109 KB