Issue - meetings

Financial Monitoring Quarter 3 Report

Meeting: 09/03/2022 - Cabinet (Item 102)

102 Financial Monitoring Quarter 3 - 2021/22 pdf icon PDF 217 KB

To consider the report of the Cabinet Member for Performance and Resources seeking Members to note year-end forecasts, and the financial pressures on the Council during the 3rd Quarter ended 31st September 2022.

 

Additional documents:

Decision:

RESOLVED it is noted that:

 

                    (1)         the forecast year-end position for the financial year is currently a decrease to the General Fund balance of £109k against a budgeted increase of £129k

 

                    (2)         the details of specific budgetary issues identified by officers and the actions being taken to address those issues

 

                    (3)         the current level of Capital expenditure is as shown in Appendix 2 of the report

 

                    (4)         the financial implications of Covid-19 and the level of economic recovery from the effects of the pandemic will continue to be monitored and reported alongside any grant funding provided to mitigate the spend or lost income

 

                    (5)         the estimated nature of some of the figures included in the report because of the cyber incident in December 2021.

 

 

Minutes:

Cabinet considered the report of the Cabinet Member for Performance and Resources that sought Members to note year-end forecasts and the financial pressures on the Council during the 3rd Quarter ended 31st September 2021.

 

The Cabinet Member for Performance and Resources summarised the report.  She drew Members’ attention to the forecasted £109k decrease in the General Fund against the previously budgeted increase and advised that this was due to the recent cyber incident as well as the ongoing impact of COVID-19.  The Cabinet Member for Performance and Resources noted the position within her own portfolio including the mitigation by £237k of the Housing Subsidy cost which is otherwise outside of the Council’s control, and greater income from the Cemeteries and Crematorium Service.

 

The Cabinet Member for Culture and Leisure expressed optimism for the future considering the imminent opening of a revitalised Kings Square and growing footfall in the Gloucester Guildhall.  The Cabinet Member for Planning and Housing Strategy anticipated more income in her portfolio as some large development schemes are progressed having been delayed by COVID-19.  The Cabinet Member for Environment contrasted the £100k income generated from recyclates with a £350k deficit of five years ago and attributed this success to efficiencies by officers and contractors as well as greater engagement from residents.

 

RESOLVED it is noted that:

 

                    (1)         the forecast year-end position for the financial year is currently a decrease to the General Fund balance of £109k against a budgeted increase of £129k

 

                    (2)         the details of specific budgetary issues identified by officers and the actions being taken to address those issues

 

                    (3)         the current level of Capital expenditure is as shown in Appendix 2 of the report

 

                    (4)         the financial implications of Covid-19 and the level of economic recovery from the effects of the pandemic will continue to be monitored and reported alongside any grant funding provided to mitigate the spend or lost income

 

                    (5)         the estimated nature of some of the figures included in the report because of the cyber incident in December 2021.