Issue - meetings

To consider the report of the Cabinet Member for Performance and Resources informing Members of the final Council position against agreed budgets for the 2021/22 financial year and seeking them to note the final outturn position and approve movement to and from earmarked revenue reserves.

RESOLVED that:

              (1)               it is noted that the:

                                 i.       year-end position for the financial year 2021/22 is a decrease to the General Fund balance of £252k against a budgeted increase of £129k.

                                ii.       General Fund balance has decreased from £1.379m to £1.127m at the end of 2021/22

                              iii.       level of earmarked reserves has decreased by £6.407m to £7.413m, with a release of £6.119m from the Section 31 Grant Repayment Reserve created in 2020/21 because of the Covid-19 pandemic

                              iv.       financial implications of Covid-19 and the gradual economic recovery from the effects of the pandemic during 2021/22 on the Council year end position

                                 v.      estimated nature of some of the figures included in this report because of the cyber incident in December 2021

                    (2)         the transfers to and from earmarked reserves as detailed in the table in section 6 of the report are approved.

Cabinet considered the report of the Cabinet Member for Performance and Resources that informed Members of the final Council position against agreed budgets for the 2021/22 financial year and sought them to note the final outturn position and approve movement to and from earmarked revenue reserves.

The Cabinet Member for Performance and Resources highlighted the key features of the report and placed them in the context of the continuing COVID-19 pandemic and the cyber incident of December 2021.  She outlined the position within her own portfolio including the overspend against the IT budget due to the latter incident (5.4, 5.6).  The Cabinet Member for Performance and Resources reminded Members that this had been much reduced, including by grant funding, and thanked the IT Team for their achievement.  She further expressed gratitude to the entire Finance Team for developing systems to work around the impact of the cyber incident.  The Leader of the Council reiterated the thanks for the Finance Team.

RESOLVED that:

              (1)               it is noted that the:

                                 i.       year-end position for the financial year 2021/22 is a decrease to the General Fund balance of £252k against a budgeted increase of £129k.

                                ii.       General Fund balance has decreased from £1.379m to £1.127m at the end of 2021/22

                              iii.       level of earmarked reserves has decreased by £6.407m to £7.413m, with a release of £6.119m from the Section 31 Grant Repayment Reserve created in 2020/21 because of the Covid-19 pandemic

                              iv.       financial implications of Covid-19 and the gradual economic recovery from the effects of the pandemic during 2021/22 on the Council year end position

                                 v.      estimated nature of some of the figures included in this report because of the cyber incident in December 2021

                    (2)         the transfers to and from earmarked reserves as detailed in the table in section 6 of the report are approved.