Agenda item

2020/21 OUTTURN REPORT (PERIOD 12 BUDGET MONITORING REPORT)

Summary:

 

 

 

 

 

 

 

 

Options considered:

This report presents the provisional outturn position for the 2020/21 financial year which shows a General Fund underspend of £752,223. It also provides an update in relation to the Council’s capital programme. Details are included within the report of the more significant year-end variances compared to the current budget for 2020/21. The report also makes recommendations for contributions to reserves.

 

The report provides a final budget monitoring position for the 2020/21 financial year. The report makes recommendations that provide funding for ongoing commitments and future projects.

 

Conclusions:

 

The revenue outturn position as at 31 March 2020 shows an overall underspend of £752,223. The final position allows for £255,917 from budget and grant underspends to be rolled forward within Earmarked Reserves to fund ongoing and identified commitments for which no budget has been allocated in 2021/22. The position as reported has been used to inform the production of the statutory accounts which will then be subject to audit by the Council’s external auditors.

 

Recommendations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reasons for

Recommendations:

 

Members are asked to consider the report and recommend the following to Full Council:

 

a)  The provisional outturn position for the General Fund revenue account for 2020/21;

b)  The transfers to and from reserves as detailed within the report (and appendix C) along with the corresponding updates to the 2021/22 budget;

c) Allocate the surplus of £752,223 to the Delivery Plan Reserve;

d)  The financing of the 2020/21 capital programme as detailed within the report and at Appendix D;

e) The balance on the General Reserve of £2.326 million;

f)  The updated capital programme for 2021/22 to 2024/25 and scheme financing as outlined within the report and detailed at Appendix E;

g)  The outturn position in respect of the Prudential Indicators for 2020/21 as detailed in Appendix F and;

h) The roll-forward requests as outline in Appendix H are approved.

 

To approve the outturn position on the revenue and capital accounts used to produce the statutory accounts for 2020/21.

 

LIST OF BACKGROUND PAPERS AS REQUIRED BY LAW

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

 

Budget Monitoring Reports, NNDR returns

 

Cabinet Member(s):

Cllr Eric Seward

 

Ward(s) affected All

Contact Officer, telephone number and email: Lucy Hume, 01263 516246, Lucy.Hume@north-norfolk.gov.uk

 

Minutes:

Cllr E Seward introduced the report and informed Members that despite the unprecedented circumstances, the Council had ended the year with a budget surplus of approximately £750k. He added that this showed the Council’s finances were soundly managed, with money returned to, rather than taken from reserves. It was noted that there was an adverse balance in providing services, taking account of adjustments of approximately £1m, though this had been offset by the Fees and Charges Compensation Scheme provided by Central Government, to the sum of approximately £640k. Cllr E Seward stated that assistance from the Government on business rates collection had also provided funding in the region of £800k. It was noted that whilst the Council had been eligible for these grants, it remained in a strong financial position. Cllr E Seward stated that looking forward, uncertainty remained around the future level of Government support available, which could have a significant impact on future budgets. As a result, officers continued to progress the zero based budgeting exercise, in order to prepare for all eventualities. Cllr E Seward stated that it remained the aim of the Council to maintain all services without increases to Council tax beyond the annual cap, though this would be dependent on the level of continued financial support from Central Government.

 

Questions and Discussion

 

       i.          Cllr C Cushing referred to comments made at Cabinet regarding the £2.4m of financial support provided by the Government, and noted that without this funding, the annual surplus of £750k would be a £1.7m deficit. Cllr E Seward replied that he was grateful for the assistance provided by Central Government, and noted that if this support had not been provided to businesses and local authorities, there would have been significant issues across the Country.

 

      ii.          The recommendations were proposed by Cllr H Blathwayt and seconded by Cllr  Brown.

 

RESOLVED

 

To recommend the following to Full Council for approval:

 

a) The provisional outturn position for the General Fund revenue account for 2020/21;

b) The transfers to and from reserves as detailed within the report (and appendix C) along with the corresponding updates to the 2021/22 budget; c) Allocate the surplus of £752,223 to the Delivery Plan Reserve;

d) The financing of the 2020/21 capital programme as detailed within the report and at Appendix D;

e) The balance on the General Reserve of Reasons for Recommendations: £2.326 million;

f) The updated capital programme for 2021/22 to 2024/25 and scheme financing as outlined within the report and detailed at Appendix E;

g) The outturn position in respect of the Prudential Indicators for 2020/21 as detailed in Appendix F and;

h) The roll-forward requests as outline in Appendix H are approved.

Supporting documents: