Issue - meetings

To note the forecast outturn for 2020/21 as at 31 December 2020.

The Chief Accountant introduced the report and highlighted the main points. He informed the Committee that he had not had the opportunity to revamp the report yet but that he would be making changes to improve readability in future.

The Chief Accountant explained that there was an error in the Councils favour where the reported underspend at paragraph 1.1 should have stated £1.36 million not £1.29 million. He explained that this error had been due to environmental enhancements being treated incorrectly and the report would be amended.

The Chief Accountant drew the Committees attention to table 2.2 (loan interest payable) where a budget figure of £24.035 million against a forecast outturn of £24.258 million was recorded, but the correct figure was actually £24.035million as that related to the loan interest on the Council’s commercial and regeneration assets. He explained that as a result the variance was only  £23k, that the error was purely presentational and did not impact on the bottom line.

The Chief Accountant stated that COVID-19 had had a significant impact with an underspend of £1.357 million forecast, which equated to just under 90% of the projected underspend.

In response to questions the Chief Accountant explained that the government were going to reimburse 75% of the Councils recoverable loses over a three year period and that each year the deficit would be recalculated. He further explained that the Council were waiting for confirmation of the methodology the government would use to calculate the amount but that if they applied the traditional method it would be around £434k.

A member queried if a year to date column could be added to the report in future to enable members to monitor progress. He also asked how members should interpret the interest receivable and interest payable short term in appendix A. The Chief Accountant advised that the interest had been split between short and long term but that it should not have applied in this case and should have been presented differently.

A members asked if it would be possible for Cabinet to consider using the outstanding unallocated balance of the Project Delivery Fund as an allowance, or bidding scheme, for Councillors and community groups to bid for to support green initiatives in the borough. In response the Deputy Chief Executive confirmed that he would note the request and raise it with Cabinet. The Finance Portfolio Holder, Councillor Buttar, confirmed that he had noted the suggestion and would consider it.

The Committee agreed to note the forecast outturn for 2020/21 as at 31 December 2020.

Councillor S. Buttar

To note the current level of revenue spend.

Cabinet considered the Revenue Monitoring Report 2020/21 as at 31 December 2020.

Resolved to note that the forecast outturn for 2020/21 as at 31 December 2020.