Cabinet agreed to -

1. Note the current revenue monitoring position;

2. Note the current capital position

3. Recommend to Council that the Capital Budget 2021-2026 is revised to £612.270m.

(as shown in Section C Table 1)

Councillor Nick Kelly (The Leader) and Brendan Arnold (Service Director for Finance) presented the Finance and Capital Monitoring Report June 2021 to Cabinet.

(a)   This report set out the revenue finance monitoring position and the capital position of the Council to the end of the financial year 2021/22, as at the end of June 2021;

(b)  The forecast revenue outturn after the application of Covid grants and council mitigating actions was currently estimated at £1.514m over budget, which is a variance of +0.8% against the net budget (+0.2% against the gross budget);

(c)   This was the first quarter’s monitoring report for 2021/22 and it should be noted that the financial position would fluctuate as we move through the year. Officers and Members would work closely to manage the finances towards a balanced position by the end of the year;

(d)  The five year capital budget 2021-2026 was currently forecasted at £612.270 as at 30 June 2021. The capital budget had been adjusted to take into account the removal of the prior year (2020/21) and to add any new approvals or changes to the capital programme and to adjust the future funding assumptions shown in table 1.

Cabinet agreed to -

1. Note the current revenue monitoring position;

2. Note the current capital position;

3. Recommend to Council that the Capital Budget 2021-2026 is revised to £612.270m.

(as shown in Section C Table 1).