Agenda item

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

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

a)    the projected net effect of in-year efficiencies (£0.497m) and Covid-19 pressures (£2.355m) and Covid Government funding (£1.614m) resulting in an expected net revenue deficit for the year of £0.244m;

b)    a projected £3.017m net surplus on Business Rates as a result of additional S31 reliefs be transferred to the Organisation Stabilisation Reserve to offset the expected Collection Fund deficit in later years;

c)    the £0.723m receipts be transferred to reserves as follows - £0.523m to Organisation Stabilisation and £0.2m to the Development Corporation Reserve;

d)    the capital underspend of £23.8m, of which £18.465m be carried forward: £17.965m to 2021/22 Capital Programme and £500k to 2022/23 Capital Programme;

e)    the projected Special Expenses position with a projected deficit of £0.082m for the year be financed by a loan from the Council as agreed by the West Bridgford CIL and Special Expenses Group; and

f)     the six-month trial to engage Waste Investigations Support and Enforcement to deliver enforcement of environmental crimes (following on from Communities Scrutiny Group discussions).

The Portfolio Holder for Finance presented the report of the Executive Manager – Finance and Corporate Services outlining the budget position for revenue and capital at 30 September 2020.

The Portfolio Holder for Finance advised that a great deal had occurred during this reporting period and whilst the report highlighted an improving picture since the last quarter, the figures remained fluid and continued to be dictated by national events.  It was noted that the anticipated budget gap had improved since the last quarter from £422k to £244k, with the difference being derived from Covid -19 pressures being offset by in house efficiencies and Government funding.  Cabinet was advised that projections would continue to change, as the impact of the latest lockdown was understood.  Support for leisure facilities continued to be significant, and that had been further exacerbated with leisure centre closures due to lockdown, and it was hoped that facilities would be able to open again soon.    In respect of repayments for the outstanding internal loan for the Arena development, it was reiterated that the Council had the opportunity to reduce those repayments; however, it was suggested that this was unlikely to be required this year.  The report highlighted that the Capital Programme was continuing as scheduled, although it had been slightly delayed due to Covid.  It was noted that collection rates for Council Tax had been reduced by 1%, which equated to £796k.  The Government had announced that the deficit could now be spread over three years, which should reduce the burden each year, although it would still remain.   In respect of Discretionary Grants, it was noted that a new scheme had been introduced and it was hoped that payments would begin to be made by the start of next week.  Officers were again thanked for their hard work in ensuring the rapid implementation of the scheme.  Reference was made to the request by the Communities Scrutiny Group that the Council should look at how Enviro-Crime enforcement, particularly fly-tipping was resourced and it was noted that a cost neutral solution had been agreed by using an external company, which would recover costs through issuing fixed penalty notices.  The arrangement would be reviewed in six months and reported to the Communities Scrutiny Group.  In respect of the Development Corporation, Cabinet was advised that the budget had been adjusted to cover this commitment.  The report highlighted some positive progress; however, the fluidity of the situation was reiterated and it was important that the Council continued to maintain a tight control over its finances, expenditure and reserves. 

In seconding the recommendation, Councillor Edyvean referred to the importance of ensuring that the Council maintained a well-managed budget and thanked the Executive Manager – Finance and Corporate Services and his team for their continued hard work.  It was a testament to the entire Council that during such difficult times, it had remained open for business and continued to look forward and face the challenges ahead.

The Leader reiterated the thanks given to all officers for their hard work and diligence during this difficult time, together with the importance of continuing to support local businesses financially through the grants payments.  It was also pleasing to note that the Council remained focused and ambitious in respect of moving forward with its Capital Programme.   

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

a)     the projected net effect of in-year efficiencies (£0.497m) and Covid-19 pressures (£2.355m) and Covid Government funding (£1.614m) resulting in an expected net revenue deficit for the year of £0.244m;

b)     a projected £3.017m net surplus on Business Rates as a result of additional S31 reliefs to be transferred to the Organisation Stabilisation Reserve to offset the expected Collection Fund deficit in later years;

c)     the £0.723m receipts be transferred to reserves as follows - £0.523m to Organisation Stabilisation and £0.2m to the Development Corporation Reserve;

d)     the capital underspend of £23.8m of which £18.465m to be carried forward: £17.965m to 2021/22 Capital Programme and £500k to 2022/23 Capital Programme;

e)     the projected Special Expenses position with a projected deficit of £0.082m for the year to be financed by a loan from the Council as agreed by the West Bridgford CIL and Special Expenses Group; and

f)       the six-month trial to engage Waste Investigations Support and Enforcement to deliver enforcement of environmental crimes (following on from Communities Scrutiny Group discussions).