Issue - meetings

The report of the Director – Finance and Corporate Services is attached.

It was RESOLVED that the report be approved, and the following be noted:

a)     the expected revenue budget efficiency for the year of £0.880m;

b)     the capital budget efficiencies of £2.837m;

c)     the expected outturn position for Special Expenses of £5k deficit; and

d)     the planned use of reserves at paragraph 4.3 of the report, primarily to meet the Collection Fund deficit, as a result of business rates reliefs and the grants received in the General Fund to fund the deficit.

The Cabinet Portfolio Holder for Business and Economic Growth, Councillor Edyvean presented the report of the Director – Finance and Corporate Services outlining the budget position for revenue and capital as of 30 June 2021.

Councillor Edyvean advised that despite the ongoing issues and continuing risks associated with the pandemic, the Council continued to manage its finances extremely effectively.  Cabinet was advised that the Council continued to provide excellent services, whilst reporting a positive position on the 2021/22 budget.  The projected revenue budget efficiency for the year of £880k was noted, the reasons for which were highlighted in the report, together with details of the key revenue variances.     

Councillor Edyvean referred to the additional pressures that had been identified, details of which were highlighted in the report and the need for those budget efficiencies.  A payment of £1,000 had been made to each refuse HGV driver, which had been driven by the demand for such drivers, and Cabinet was reminded that throughout the pandemic the Council’s refuse collections had continued, which was a considerable achievement.  

Details of the projected position on the Council’s Capital Programme were highlighted in the report, and it was noted that there would be an underspend of £2.837m. 

Cabinet was advised that in respect of the Special Expenses budget for West Bridgford, despite the impact of Covid, and with the help of Government grants, there was a manageable budget deficit of £5k.

In respect of Covid related issues, Cabinet noted that despite the many challenges faced by local residents and businesses, collection rates for both Council Tax and Business Rates were positive, and that was a great testament to everyone.

In conclusion, Councillor Edyvean stated that the report depicted a healthy financial position; however, it was important to note the challenges that remained and would continue, and the importance of maintaining sufficient reserves was paramount.  Reference was made to the future Government spending review, which would impact on local government, together with other significant Government policy issues highlighted in the report, which would also have an impact.  Cabinet was reminded of the great local opportunities and challenges that lay ahead with the development of the Freeport and Development Corporation.

In seconding the recommendation, Councillor Brennan reiterated previous comments regarding the continued uncertainty and challenges that lay ahead and thanked the Director – Finance and Corporate Services and his team for their continued hard work.   

It was RESOLVED that the report be approved, and the following be noted:

a)     the expected revenue budget efficiency for the year of £0.880m;

b)     the capital budget efficiencies of £2.837m;

c)     the expected outturn position for Special Expenses of £5k deficit; and

d)     the planned use of reserves at paragraph 4.3 of the report, primarily to meet the Collection Fund deficit, as a result of business rates reliefs and the grants received in the General Fund to fund the deficit.