Agenda item

LIST OF BACKGROUND PAPERS AS REQUIRED BY LAW

(Papers relied on the write the report and which do not contain exempt information)

Cllr E Seward – Portfolio Holder for Finance and Assets introduced the report and informed Members that at present there was a small overspend of £165k, though it was hoped this would be balanced by the year end. The DFR stated that the period 10 report highlighted the position of the revenue and capital account at the end of January 2021, with a further update on the ongoing impact of Covid-19. It was noted that a year-end deficit of approximately £1m had been forecasted in May, though this had reduced to £400k, and subsequently to £165k, as outlined in the report. The DFR stated that efforts continued to balance this deficit by the year end, though it could be covered by reserves if necessary. On fees and charges support, it was reported that the Council was expected to receive a grant of approximately £750k, to cover income losses incurred as a result of the pandemic. The DFR referred to grant schemes administered by the Council, and noted that the funding received for this had aided the Council’s cashflow and delayed requirements for borrowing, that had saved approximately £350k. He added that the Council’s investments had also seen an upturn, which in combination with savings equated to a positive budget impact of approximately £440k.

Questions and Discussion

        i.          Cllr C Cushing referred to a request for £424k of additional funding for Cromer Pier that was expected to go to Cabinet, and asked when this would be considered. The DFR replied that the report would go to Cabinet in the coming months, as consultants were in the process of finalizing requirements. He added that work had been done approximately three years ago to move to a more regular maintenance schedule, with an annual requirement to prepare an updated report on the condition of the asset. It was confirmed following a question from Cllr C Cushing, that the £424k was additional funding, and had not yet been included in the Pier maintenance costs.

      ii.          The recommendations were proposed en bloc by Cllr P Heinrich and seconded by Cllr W Fredericks.

RESOLVED

1.     To note the contents of the report and the current budget monitoring position.

2.     To agree with the decision to fund any deficit from the General Fund reserve at the year-end, if required.

3.     To agree with the approval of the capital programme funding as identified from reserves.