34 MCa/21/13 GENERAL FUND FINANCIAL OUTTURN 2020/21 PDF 353 KB
Cabinet Member for Finance
Decision:
It was RESOLVED:-
1.1 That the 2020/21 General Fund financial outturn of £911k surplus as set out in this report benoted.
1.2 That the following transfers beapproved;
a) Transfer to reserves of £297k being the net amount for specific earmarked reserves, referred to in section 6.5 of thisreport;
b) Surplus of £613k be transferred to the Growth and EfficiencyFund.
1.3 That therevenue carry-forwardrequests totalling£717k referredto inparagraph 6.12 and Appendix E of this report beapproved.
1.4 That the total Capital carry-forward requests referred to in paragraph 6.18 of this report totalling £8.937m be approved.
Reason for Decision: To ensure that Members are kept informed of the outturn position for both General Fund Revenue and Capital and to approve earmarked reserve transfers and carry forward requests.
Alternative Options Considered and Rejected: Transfer theentire surplusof £911kto theGrowth andEfficiency Fund(GEF) and support the revenue carry forwards of £717k and capital carry forward requests of £8.937m. This does not enable other revenue reserves to be supplemented, so is not the recommendedoption.
Any Declarations of Interest Declared: None
Any Dispensation Granted: None
Minutes:
34.1 The Cabinet Member for Finance, Councillor Whitehead introduced the report, providing Members with a summary of the report.
34.2 Councillor Whitehead proposed the recommendations in the report. This was seconded by Councillor Gould.
34.3 Councillor Eburne queried the increase in the reserves and related spending for the Covid Mitigation fund and the revenue carried forward, of which the majority related to staffing.
34.4 The Cabinet Member for Finance, Councillor Whitehead, responded that the Covid mitigation reserves would be carried forward, but that it was currently not possible to determine what this would be spent on as this depended on the Covid situation.
34.5 The Assistant Director for Corporate Resources added the furlough scheme would end this year and this would put pressure on a number of areas requiring this funding.
34.6 The Cabinet Member for Finance, Councillor Whitehead, the Assistant Director for Corporate Resources, and the Chief Executive provided responses to questions relating to the revenue of £717k. Appendix E detailed the proposed spend for the revenue carried forward, however it was too early to determine spend elsewhere. ICT was the largest item for the Customer and Digital Transformation project and some of the allocated funding covered staffing. Teams were recruiting, and employment vacancies were being advertised. More staff had been employed than ever before in terms of full time equivalent employment. Initially recruiting had been challenging during the pandemic lock down periods, however recruiting had now recovered.
34.7 Councillor Welham questioned the improvements to Mid Suffolk Leisure Centre, which were separate from refurbishments in the budget and whether improvements were still required to be undertaken and if they would be completed in this current financial year. The Corporate Manager for Corporate Resources deferred the response to the appropriate Assistant Director, to provide a response outside the meeting.
34.8 The Cabinet Member for Communities, Councillor Flatman, added that work had been completed for Stradbroke Leisure Centre and that the gym in Stowmarket Leisure Centre was now open. However, smaller improvements were to be completed this year.
34.9 The recommendations were put to the vote.
By a unanimous vote.
It was RESOLVED:-
1.1 That the 2020/21 General Fund financial outturn of £911k surplus as set out in this report benoted.
1.2 That the following transfers beapproved;
a) Transfer to reserves of £297k being the net amount for specific earmarked reserves, referred to in section 6.5 of thisreport;
b) Surplus of £613k be transferred to the Growth and EfficiencyFund.
1.3 Thatthe revenuecarry-forward requeststotalling £717kreferred toin paragraph6.12 and Appendix E of this report be approved.
1.4 That the total Capital carry-forward requests referred to in paragraph 6.18 of this report totalling £8.937m be approved.
Reason for Decision:
To ensure that Members are kept informed of the outturn position for both General Fund Revenue and Capital and to approve earmarked reserve transfers and carry forward requests.