Issue - meetings

RESOLVED:1)         That the draft revenue outturn position for 2020/2021 be approved.

2)     That the amendments to the Earmarked Reserves Policy be approved.

Reason for Decision

To approve the draft revenue outturn position for 2020/2021 for the Council.

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Cabinet considered a report presented by the Assistant Director Resources which set out in summary the revenue outturn for 2020/2021 for the Council. The report showed details of the major differences between actual costs/income compared to the revised estimates for 2020/2021 reported in February 2021 monitoring.

The accounts showed the Borough’s spend of £16,330,894 which was £7,866 less than the revised position following February’s monitoring for 2020/2021. This included a proposal to transfer £1,690,243 to reserves for continued operations in 2021/2022 and a drawdown of £1,083,135 from reserves to fund the budget. This was a reduction of £174,405 to the estimated drawdown of £1,257,540 as reported in February monitoring position, which meant that the unused amount would remain within the General Fund Reserve balance that will be carried forward to 2021/2022. 

The Council’s continuing strategy was to identify budget savings in year, as part of the monitoring process and at year end. Any savings were then transferred to the General Fund Reserve balance for use in future years.

Under Standing Order 34 Councillor Kemp drew attention to the community safety initiative and suggested more funding be allocated to this area to deal with issues people were dealing with.

Under standing order 34 Councillor Ryves asked no plans to cap the loans for the West Norfolk Housing Company which surprised him as he considered they would be involved with the Parkway project.

Councillor Long reminded Members that the report was the Outturn report for the year past.  He congratulated officers on the final position of the Council after the pandemic year and the work undertaken to reach that position. 

Councillor Dark whilst referring to the very difficult previous year also thanked all the officers involved in getting to this position and the work on the pandemic over the last year.

RESOLVED:1)         That the draft revenue outturn position for 2020/2021 be approved.

2)    That the amendments to the Earmarked Reserves Policy be approved.

Reason for Decision

To approve the draft revenue outturn position for 2020/2021 for the Council.