Cabinet Report |
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Report of Head of Finance Author: Emma Creed E-mail: emma.creed@southandvale.gov.uk Wards affected: All |
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Cabinet member responsible: Andrew Crawford Tel: Tel: 01235 772134 E-mail: Andy.crawford@whitehorsedc.gov.uk Date: 20 December 2021 |
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Budget monitoring April 2021 – September 2021
RecommendationCabinet is recommended to note the contents of the report |
Purpose of Report
1. To report the revenue and capital expenditure against budget for the period April 2021 to September 2021 and the latest year end outturns forecast by heads of service.
Corporate Objectives
2. The allocation of financial resources within the revenue and capital budgets needs to match the objectives agreed by the council. The budget monitoring report shows how these resources have been allocated during the first ten months of the financial year.
Background
3. This report reviews the council’s revenue and capital expenditure performance to the end of month six (September). Year-end outturn forecasts were worked on during October and are based on heads of service’s best knowledge at this time.
Revenue budget monitoring
4. On 10 February 2021, Council agreed a net revenue budget for 2021/22 of £18.888 million. This has subsequently increased to £20.395 million. This reflects the carry forward of unspent one-off project budgets from 2020/21.
5. Table 1 below shows, summarised at service level, both the revenue position as at the end of September 2021 and the forecast position at year end.
Table 1: Revenue budget monitoring position as at September 2021
6. Further detail on the forecast variance is shown in the appendices as follows:
· Appendix 1 provides a summary of the key forecast year end variances
· Appendix 2 provides a list of budget carry forwards
Capital budget monitoring
7. On 10 February 2021, Council agreed a capital programme for 2021/22 of £7.772 million.
8. As shown in appendix 3, at the end of September 2021, the capital programme had decreased to £7.439 million, reflecting slippage of schemes to future years. Total capital expenditure to the end of September totalled just over £3.2 million.
Financial, legal and any other implications
9. The financial implications are as set out in the body of the report. There are no other implications of this report.
Conclusion
10. At this stage of the financial year, for revenue an underspend is forecast. A full review of the capital programme will take place during November and budgets updated to reflect predicted spend in 2021/22.
Appendices
1) Revenue budget monitoring - summary
2) Revenue budget monitoring – carry forwards
3) Capital budget monitoring - summary
Background Papers
· Budget papers for 2021/22