Issue - meetings

Councillor S. Buttar

To note the forecast outturn for 2020/21 as at 31 March 2021 and consider the recommendations contained in the report.

Cabinet considered the Interim Revenue Monitoring Report for 2020/21 as at 31 March 2021.

Cabinet noted that the recommendations in the report would utilise the forecast underspend of £3.48 million, deliver a balanced outturn, and that this prudent approach would see the Council increase its reserves to provide greater options over the next two to five years were it was anticipated that there would be some significant deficits on the annual budget due to changes to local government funding.

Alternative options considered and rejected by the Cabinet:

No alternative options were considered.

Resolved to:

Note the forecast outturn for 2020/21 as at 31 March 2021, and approve the following:

1.    Appropriation of the special projects underspend to an earmarked reserve of £0.497m to enhance the Budget provision available to support Green/Climate Change initiatives.

2.    Appropriation of the special projects underspend to an earmarked reserve of £0.9m to enhance the Budget provision available to support Green Belt Fighting Fund initiatives.

3.    The £0.453m revenue carry forwards for 2021/22 as detailed in Appendix C.

4.    Transfer of £0.538m surplus from retained business rates to business rates equalisation reserve.

5.    Transfer £0.776m to the general fund.

6.    To set aside £0.094m for Sunbury Swimming Pools repairs.

Noting that by approving items 1 to 6 above the surplus for the year would be reduced to £0, in other words a balanced outturn, and that the total useable reserves were £55m as at 31 March 2021.

Reasons for decision:

To utilise the forecast underspend of £3.48m and deliver a balanced outturn.