This report presents to Cabinet the revenue outturn position for the year ending 31 March 2021, which includes the position on reserves. The Statement of     Accounts, which is the consolidated financial position of the Council for 2020/21, is the responsibility of the Audit, Governance and Standards Committee which will meet later in the year to approve the Annual Financial Report – Statement of Accounts.

In accepting the recommendations, Cabinet will approve and recommend to Council the transfer to the Council Tax Payers reserve of £1,978,357, which represents the underspend of £980,305 and funding not required £998,052 as detailed in paragraph 2.7 of the report; the transfer from the Council Tax Payers Reserve of £1,826,012 to support the loss related to COVID-19 as detailed in paragraph 3.3 of the report; the final transfer to or from the Council Tax Payers Reserve for the 2020/21 will be at Quarter 1 2021/22 in relation to the change in the estimated business rates position as detailed in paragraph 2.7 of the report; increase in the reserve position of £9,126,629 at paragraph 4.2 and detailed in Annex C of the report; the transfer of £157,830 to the Local Plan Reserve from the One Off Fund as stated in paragraph 4.4 of the report; the increase in the use of the One Off fund at Quarter 4 of £87,600, detailed in paragraph 4.5and attached at Annex B of the report; the return of £50,000 from the Repairs and Renewals reserve to the Council Tax Payers Reserve as stated in paragraph 4.6 of the report; the roll forward of £3,000 COVID-19 Community Response Grants and £34,508 Make a Difference Grants are rolled forward to 2021/22 and an underspend of £3,157 is returned to the One Off Fund as stated in paragraph 4.8 of the report; the transfer to the COVID-19 Business Award Grant Reserve of £1,433,339 as detailed in paragraph 4.10 of the report; the transfer to the COVID-19 Administration Grant Funding Reserve of £931,976 to support ongoing COVID-19 related costs in 2021/22 of £715,817 and specific costs of £216,159 as detailed in paragraph 4.11 of the report; and the transfer to the NNDR (National Non Domestic Rates) Section 31 Deficit Reserve of £4,517,656 as detailed in paragraph 4.12.

The subject of the decision:

This report presented the revenue outturn position for the year ending 31 March 2021, which included the position on reserves.  The Statement of Accounts, which was the consolidated financial position of the Council for 2020/21, was the responsibility of the Audit, Governance and Standards Committee which would meet later in the year to approve the Annual Financial Report – Statement of Accounts.  

Alternative options considered:

None.

The reason for the decision:

To comply with the legal requirement under S25 of The Local Government Act 2003 to set a balanced budget and monitor the financial position throughout the year.

The decision:

That Cabinet approves and recommends to Council:

(1)      the transfer to the Council Tax Payers reserve of £1,978,357, which represents the underspend of £980,305 and funding not required £998,052 as detailed in paragraph 2.7 of the report;

(2)      the transfer from the Council Tax Payers Reserve of £1,826,012 to support the loss related to COVID-19 as detailed in paragraph 3.3 of the report;

(3)      the final transfer to or from the Council Tax Payers Reserve for the 2020/21 will be at Quarter 1 2021/22 in relation to the change in the estimated business rates position as detailed in paragraph 2.7 of the report;

(4)      increase in the reserve position of £9,126,629 at paragraph 4.2 and detailed in Annex C of the report;

(5)      the transfer of £157,830 to the Local Plan Reserve from the One Off Fund as stated in paragraph 4.4 of the report;

(6)      the increase in the use of the One Off fund at Quarter 4 of £87,600, detailed in paragraph 4.5 and attached at Annex B of the report;

(7)      the return of £50,000 from the Repairs and Renewals reserve to the Council Tax Payers Reserve as stated in paragraph 4.6 of the report;

(8)      the roll forward of £3,000 COVID-19 Community Response Grants and £34,508 Make a Difference Grants are rolled forward to 2021/22 and an underspend of £3,157 is returned to the One Off Fund as stated in paragraph 4.8 of the report;

(9)      the transfer to the COVID-19 Business Award Grant Reserve of £1,433,339 as detailed in paragraph 4.10 of the report;

(10)    the transfer to the COVID-19 Administration Grant Funding Reserve of £931,976 to support ongoing COVID-19 related costs in 2021/22 of £715,817 and specific costs of £216,159 as detailed in paragraph 4.11 of the report; and

(11)    the transfer to the NNDR (National Non Domestic Rates) Section 31 Deficit Reserve of £4,517,656 as detailed in paragraph 4.12 of the report.