Issue - meetings
FINANCE REPORT
Meeting: 23/11/2021 - Cabinet (Item 11)
To consider a report by Councillor Julian Thompson-Hill, Lead Member for Finance, Performance and Strategic Assets (copy enclosed) detailing the latest financial position and progress against the agreed budget strategy.
Additional documents:
- FINANCE REPORT - App 1 Revenue Budget Summary, item 11 PDF 228 KB
- FINANCE REPORT - App 2 Service Variance Narrative, item 11 PDF 439 KB
- FINANCE REPORT - App 3 Capital Plan, item 11 PDF 193 KB
- FINANCE REPORT - App 4 Major Projects, item 11 PDF 473 KB
- FINANCE REPORT - App 5 SIG Business Case - Llys Anwyl Rhyl, item 11 PDF 747 KB
- FINANCE REPORT - App 6 Llys Anwyl Well Being Assessment, item 11 PDF 104 KB
- Webcast for FINANCE REPORT
Decision:
RESOLVED that Cabinet –
(a) note the budgets set for 2021/22 and
progress against the agreed budget strategy, and
(b) approve the conversion of Llys Anwyl,
Rhyl into apartments for social rent (as detailed in Section 6.7 of the report
and Appendices 5 and 6 to the report).
Minutes:
Councillor Julian Thompson-Hill presented the
report detailing the latest financial position and progress against the agreed
budget strategy as outlined below –
·
the net
revenue budget for 2021/22 was £216.818m (£208.302m in 2020/21)
·
an overspend of £1.179m was forecast
for service and corporate budgets (£0.656m last month with the variance largely
due to an increase in the use of external contractors/increase in material
prices in Highways, Facilities and Environmental Services [£102k], and
financial implications of cost increases in school contracts in Planning and
Public Protection [£464k])
·
detailed agreed savings and efficiencies worth £2.666m relating to fees
and charges, operational efficiencies, changes in service provision and schools
·
highlighted current risks and assumptions relating to individual
service areas, corporate budgets and schools together with the impact of
coronavirus and position on funding claims to the Welsh Government, and
·
a general
update on the Housing Revenue Account and Housing Capital Plan, Treasury
Management and Capital Plan with an update on major projects.
Cabinet approval was also sought for the
conversion of Llys Anwyl, Rhyl into apartments for social rent as detailed
within the report and the Housing Development Manager provided further
background and an overview of the project.
The Head of Finance and Property further
highlighted the reasons for the projected overspend on school transport
advising that an assessment would be carried out as part of the budget process
as to whether to include a pressure for that element going forward. In response to questions he also elaborated
upon the tightening of the criteria for financial assistance provided by Welsh
Government via the hardship fund and the implications of that would become
clearer as the results of subsequent claims were known, any issues identified
as part of that process would be reported back to Cabinet. With regard to the Rhyl Queens Market
Redevelopment the initial quote to deliver Phase 1 had been £1.4 over budget
and officers had been working closely with the contractors on the detailed
design options to reduce the costs to within budget or further invest for an
enhanced design.
RESOLVED that Cabinet –
(a) note the budgets set for 2021/22 and
progress against the agreed budget strategy, and
(b) approve the conversion of Llys Anwyl,
Rhyl into apartments for social rent (as detailed in Section 6.7 of the report
and Appendices 5 and 6 to the report).