Decision Details

This report is from Director of Council Management- Interim

Revenue in excess of £500K

On 27 July 2021, Cabinet:-

1. Noted the City Council’s 2021/22 forecast at 30th June 2021 of a net overspend of £27.4m, comprising an overspend on Covid-19 of £42.4m, partially offset by non-Covid underspends of £15.0m;

2. Noted that corrective action will take place to ensure the budget is balanced by March 2022;

3. Noted that the Government’s Income Loss scheme is estimated to provide £4.9m of additional funding;

4. Noted that Directorates are reporting that £15.9m of the £36.8m savings targets are either delivered or on track. This represents 43% of the total target. Directorates are continuing to work towards ensuring that these savings are brought on track and are delivered;

5. Noted that the forecast capital expenditure in 2021/2022 is £745.3m;

6. Noted the allocations of Specific Policy Contingency as set out in paragraph 4.11 to the report;

    

7. Approved the allocations of General Policy Contingency as set out in paragraph 4.12 to the report;

8. Noted the Treasury Management and Investment Portfolio Reports that are included in Appendix A to the report;

9. Approved the use of £5.1m of the Financial Resilience Reserve for SEND and noted the need for additional funding in future years through the Medium Term Financial Plan as set out in the Addendum report;

10. Approved the use of £5.0m of the Delivery Plan Reserve as set out in paragraph 4.15 to the report;

11. Approved the allocation of £25.0m of Corporate Capital Contingency as set out in paragraph 4.16 to the report.

     

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