Agenda item

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.

RESOLVED that Cabinet –

(a)       note the budgets set for 2021/22 and progress against the agreed budget strategy, and

(b)       approve the recommended use of the Schools Maintenance Grant  which has been awarded to the Council by the Welsh Government , as recommended by the Strategic Investment Group (as detailed in Section 6.7 of the report and Appendices 5, 6 and 7 to the report).

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 £0.656m was forecast for service and corporate budgets

·        detailed agreed savings and efficiencies worth £4.448m 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

·        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 to the use of the Schools Maintenance Grant as recommended by the Strategic Investment Group which had been awarded to the Council by the Welsh Government.  The Head of Finance explained the reasoning behind the approval sought due to the Welsh Government allocating the Schools Maintenance Grant at the end of the financial year for spend in-year which meant the council monies earmarked for spending on schools could be carried forward as an underspend.  The list of prioritised works had been agreed with the Education Service, in consultation with schools, and Property Services.

RESOLVED that Cabinet –

(a)       note the budgets set for 2021/22 and progress against the agreed budget strategy, and

(b)       approve the recommended use of the Schools Maintenance Grant  which has been awarded to the Council by the Welsh Government , as recommended by the Strategic Investment Group (as detailed in Section 6.7 of the report and Appendices 5, 6 and 7 to the report).