Agenda item

Outturn Report 2021/22

Summary:

 

 

 

 

 

 

 

 

 

Options considered:

 

 

 

 

Conclusions:

 

This report presents the provisional outturn position for the 2021/22 financial year which shows a General Fund underspend of £615,740. 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 2021/22. The report also makes recommendations for contributions to reserves.

 

The report provides a final budget monitoring position for the 2021/22 financial year. The report makes recommendations that provide funding for ongoing commitments and future projects.

 

The revenue outturn position as of 31 March 2022 shows an overall underspend of £615,740. The final position allows for £409,855 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 2022/23. The position as reported will be 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 2021/22;

b)  The transfers to and from reserves as detailed within the report (and appendix C) along with the corresponding updates to the 2022/23 budget;

c) Allocate the surplus of £615,740 to the General Reserve;

d)  The financing of the 2021/22 capital programme as detailed within the report and at Appendix D;

e) The balance on the General Reserve of £2.33 million;

f)  The updated capital programme for 2022/23 to 2025/26 and scheme financing as outlined within the report and detailed at Appendix E;

g) The roll-forward requests as outline in Appendix G are approved.

 

 

To approve the outturn position on the revenue and capital accounts used to produce the statutory accounts for 2021/22.

 

LIST OF BACKGROUND PAPERS AS REQUIRED BY LAW

(Papers relied on to write the report, which do not contain exempt information and which are not published elsewhere)

 

Budget Monitoring Reports, NNDR returns

 

Cabinet Member(s)

Cllr Eric Seward

Ward(s) affected All

Contact Officer, telephone number and email:

Alison Cubbock, Alison.Chubbock@north-norfolk.gov.uk

 

Minutes:

Cllr E Seward – Portfolio Holder for Finance and Assets introduced the report and informed Members that the Council’s finances were well placed when other Councils were facing significant difficulties. He added that the report showed what had happened to the Council’s finances in 21/22 following the setting of the budget in February, which had been a challenging time whilst still in the midst of the Pandemic. It was reported that the year-end resulted in an underspend or surplus of approximately £615k, whilst not having to use reserves or cut services. Cllr E Seward stated that the Council had ended the year with reserves of £22.4m, secure long-term investments of £32m, no long-term borrowing and a financial strength rating upgraded from silver to gold, putting the Council in the top five percent of local authorities. He added that the operating underspend had been driven primarily by better than expected car parking income, higher than anticipated income from trade waste and no interest payments on capital projects. It was noted that in addition to the underspend, the Council had received a further £674k as its share of the Norfolk Business Rates Pool for the previous financial year.

 

Questions and Discussion

 

       i.          Cllr C Cushing noted that in the previous year grants had been received for Covid support, and asked whether any had been received in the year covered by the report. The GA confirmed that the Council had received just over £500k in 2021/22.

 

      ii.          The recommendations were proposed by Cllr P Heinrich and seconded by Cllr P Fisher.

 

RESOLVED

 

To recommend the following to Full Council:

 

a) The provisional outturn position for the General Fund revenue account for 2021/22;

 

b) The transfers to and from reserves as detailed within the report (and appendix C) along with the corresponding updates to the 2022/23 budget;

 

c) Allocate the surplus of £615,740 to the General Reserve;

 

d) The financing of the 2021/22 capital programme as detailed within the report and at Appendix D;

 

e) The balance on the General Reserve of £2.33 million;

 

f) The updated capital programme for 2022/23 to 2025/26 and scheme financing as outlined within the report and detailed at Appendix E;

 

g) The roll-forward requests as outline in Appendix G are approved.

 

Supporting documents: