The Head of Financial Services submitted a report to Cabinet on 14 September 2022 updating Members on the financial outturn for the year ending 31 March 2022.

The Cabinet minutes are available at item 13b.

Councillor Ed Turner, Deputy Leader (Statutory) – Finance and Asset Management, will present the report and present the Cabinet’s recommendations.

Recommendations: Cabinet recommends that Council resolves to:

1.    Approve the fees and charges for Law and Governance which were omitted from the final Council Budget report in February 2022, as per Appendix E and detailed in paragraph 5;

2.    Approve an additional budget of £153k to be added to Bullingdon Community Centre capital scheme as detailed in paragraph 4.

Council considered a report from the Head of Financial Services updating Members on the financial outturn for the year ending 31 March 2022.

Cllr Brown, Leader of the Council, introduced the report, proposed the recommendations and answered questions.

Cllrs L Smith and Goddard joined the meeting.

The recommendations were agreed on being seconded by Cllr Munkonge, Cabinet Member for Leisure and Parks and put to the vote.

Council resolved to:

1.    Approve the fees and charges for Law and Governance which were omitted from the final Council Budget report in February 2022, as per Appendix E and detailed in paragraph 5;

2.    Approve an additional budget of £153k to be added to Bullingdon Community Centre capital scheme as detailed in paragraph 4.

The Head of Financial Services has submitted a report to update Members on the financial outturn for the year ending 31^st March 2022.

Cabinet is recommended to:

1)        Note the financial outturn and performance of the Council for the year 2021/22 and also the position on risks outstanding as at 31st March 2022;

2)    Agree the carry forward requests in respect of the General Fund of £0.453 million and HRA of £0.986 million as shown in appendix D;

3)    Agree the transfer of the HRA Contributions to HRA Reserves to fund future years’ capital works of £3.065 million detailed in paragraphs 15-20;

4)    Recommend to Council the approval of the fees and charges for Law and Governance which were omitted from the final Council Budget report in February 2022, as per Appendix E and detailed in paragraph 5;

5)    Approve the virement of £0.483 million of capital budget from the Regeneration Property Purchase budget to the “Exploring future options for Council owned land in the City Centre” within the capital programme that has previously been funded from the capital feasibility budget.  As detailed in paragraphs 2 and 3;

6)    Recommend to Council an additional budget of £153k to be added to Bullingdon Community Centre capital scheme as detailed in paragraph 4.

The Head of Financial Services had submitted a report to update Members on the financial outturn for the year ended 31 March 2022.

Councillor Ed Turner, Deputy Leader (Statutory) – Finance and Asset Management, reported that although there had been some variances, the final outturn position had been a surplus of £0.041million which, in the context of an overall net budget of c£23.6m, indicated that projections and budgets had been robust.  This position had been achieved in the context of a lack of an expected dividend from ODS; it had also required a transfer of £5,067m from the Covid reserve.  Many of the financial challenges faced by the Council had resulted from effects of the pandemic, for which there had been insufficient recompense from the government.

Councillor Turner clarified that the additional budget of £153k to be added to the Bullingdon Community Centre capital scheme was required as a result of rising building costs; building cost inflation was likely to become an increasing issue for the Council over the coming months.

Cabinet resolved to:

1.    Note the financial outturn and performance of the Council for the year 2021/22 and also the position on risks outstanding as at 31st March 2022;

2.  Agree the carry forward requests in respect of the General Fund of £0.453 million and HRA of £0.986 million as shown in appendix D;

3.  Agree the transfer of the HRA Contributions to HRA Reserves to fund future years’ capital works of £3.065 million detailed in paragraphs 15-20;

4.  Recommend to Council the approval of the fees and charges for Law and Governance which were omitted from the final Council Budget report in February 2022, as per Appendix E and detailed in paragraph 5;

5.  Approve the virement of £0.483 million of capital budget from the Regeneration Property Purchase budget to the “Exploring future options for Council owned land in the City Centre” within the capital programme which has previously been funded from the capital feasibility budget, as detailed in paragraphs 2 and 3;

6.  Recommend to Council an additional budget of £153k to be added to Bullingdon Community Centre capital scheme as detailed in paragraph 4.