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Financial Monitoring report 2020/21 - November 2020

Meeting: 18/01/2021 - Cabinet (Item 11)

11 Financial Monitoring report 2020/21 - November 2020 PDF 550 KB

Additional documents:

Decision:

RESOLVED:

1. Thatthefinancialreportingdatafor month 8, November2020,relatingto revenuebudgetarycontrol,showinga forecastnet adverse varianceat year-endof £2.8m be noted.

2. That the contents of section 4 of the report be noted and the adjustments to the Capital Programme in Appendix 5b be approved.

3. That the contents of Section 4 and Appendix 5b of the report be noted and the amendments to the Programme contained in the Table below be approved:

		Budget 2020-21	Budget 2021-22	Budget 2022-23	Narrative
-	-	£	£	£
Corporate Services	-
Customer Contact	(1)	(158,200)	158,200		Reprofiled in line with projected spend
Civic Centre Boiler Replacement	(1)	(201,480)	201,460		Reprofiled in line with projected spend
Westminster Coroners Court	(1)	(460,000)	460,000		Reprofiled in line with projected spend
Multi-Functioning Device (MFD)	(1)	130,000			Provision for 5 rather than 3 Year Lease
Clarion CPO	(2)	(4,079,460)	1,657,620	2,421,840	Reprofiled in line with projected spend
Community and Housing
Learning Disability Affordable Housing	(1)	(250,000)	(771,000)	1,021,000	Reprofiled in line with projected spend
Children, Schools and Families
Melrose SEMH Unit	(1)	(300,000)	300,000		Reprofiled in line with projected spend
Environment and Regeneration
Lamp Column Chargers	(1)	157,000			OLEV Grant
Casualty Reduction in Schools	(1)	276,000			Additional TfL Funding
Crown Creative Knowledge Exchange	(1)	(150,000)	150,000		Reprofiled in line with projected spend
Morden Town Centre Improvements	(1)	(100,000)	100,000		Reprofiled in line with projected spend
LBM Replacement of Fleet Vehicles	(1)	(168,410)	133,410		Reprofiled in line with projected spend
Highway Bridges and Structures	(1)	(474,000)	474,000		Reprofiled in line with projected spend
Car Park Upgrades	(1)	(125,000)	125,000		Reprofiled in line with projected spend
Cycle access/parking	(1)	120,500			Additional TfL Funding
Cycle Lane Works Plough Lane	(1)	(200,000)	200,000		Reprofiled in line with projected spend
Wimbledon Pk Waterplay Feature	(1)	(226,000)	226,000		Reprofiled in line with projected spend
Paddling Pools Waterplay Feature – Option 2	(1)	(113,000)	113,000		Reprofiled in line with projected spend
Total		(6,322,050)	3,527,690	3,442,840

(1) Requires Cabinet approval (2) Requires Council approval

Minutes:

The Cabinet Member for Finance presented the report which set out the budget position for November 2020 and thanked the officers involved for their work on controlling and monitoring budgets in such challenging circumstances. He highlighted the key points for consideration and the changes from the previous month’s position. Despite the additional Covid funding, the Council was still left with an overall deficit of nearly £7.5m as a result of the pandemic which was despite the Government pledge that it would fund the pandemic response. Forecasting also showed that had the pandemic not happened, the Council would have been posting a surplus for 2020/21. The report also reflected the second national lockdown in November, but did not reflect the subsequent changes in tiers and the third national lockdown. The overall position remained uncertain, which made it very difficult to forecast and had been made more challenging by the Government’s decision to give a one year rather than three year financial settlement and a number of one-off grants. The impact of Covid would be felt into the next financial year and it was important for the Council, along with the LGA, to press the Government to fully recompense local authorities for the cost of the pandemic response.

The Director of Corporate Services advised that although the current lockdown would have an impact on income and expenditure, some of that may be offset by further fees and charges grant, although it would only represent 75% of some of the Council’s income, commercial or industrial income would not be included.