Issue - meetings

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

The Service Manager – Finance presented the report of the Director – Finance and Corporate Services which detailed the quarter one position in terms of financial and performance monitoring for 2021/22. It was noted that this was linked to the closure of accounts process and previous financial update reports and includes the in-year variances along with variances resulting from Covid.

It was noted that income lost related to Covid-19 totalled £0.071m with in year efficiency savings of £0.394m and non-ringfenced grant funding £0.061m. It was stated that for this financial year, the overall budget variance including Covid related pressures and in-year efficiencies, was expected to result in an overall budget efficiency of £0.880m. It was noted that in regards to business rates the Council was expecting a surplus of £2.338m but that a significant proportion of this would need to be appropriated into the Collection Fund Reserves (£1.765m) to cover next year’s deficit arising as a result of additional Covid related business rates reliefs issued in the year. The Group were informed that additional pressures had been identified including a contribution towards a feasibility study into the pedestrianisation of Central Avenue in conjunction with Nottinghamshire County and a £1,000 payment per driver to refuse HGV drivers totalling £27k given the unusual market conditions and demand for HGV drivers and that this along with the £1.765m business rates results in £1.842m being used from reserves.

It was explained that budgets within the special expenses area had been impacted by Covid, particularly on the loss of income from hire of venues and bar sales mainly at Gamston Hall which was being used as a vaccination centre. These projections were included in the total Covid related budget pressure of £0.071m and the expected budget deficit for the year is £5k. It was explained that the Governments Sales, Fees and Charges reimbursement scheme had been extended to the first quarter of this year. It was estimated that the total reimbursement would be £46k and that part of the total estimated reimbursement had been allocated to the Special Expense fund to support the lost income from closure of facilities in the West Bridgford area.

It was noted that the Capital Programme monitoring statement and funding position projected a variance at this stage is £2.837m. Additionally, the original Capital Programme of £28.158m, plus agreed carry forwards of £6.533m, plus in-year adjustments of £0.911m g a revised total of £35.602m. It was explained that the net expenditure efficiency variance of £2.837m was primarily due to support for Registered Housing Providers £0.692m and Disabled Facilities Grant £0.218m amongst others. It was concluded that the projected financial position of the council was stable but that risks were still present over the winter period and uncertainties over funding and government policies.

The Communications and Customer Services Manager asked the Group to comment on the monitored tasks which were outlined in the Corporate Strategy and the performance measures within the Corporate Scorecard.

It was noted that there were four strategic performance  ...  view the full minutes text for item 9