To consider recommendations of the Cabinet in respect of:
· Provisional Financial Outturn 2021/22 (Cabinet minute 34) (Cabinet agenda item 10).
Consideration was given to the report of the Cabinet which sought approval for the Cabinet’s recommendations.
2021/22 Provisional Financial Outturn
The Portfolio Holder for Finance presented the report, and commented that since the start of the pandemic, the Council has seen numerous impacts on its finances. In addition, increased living costs had impacted on the public and also made it difficult for the Authority to budget. There had been significant changes as South Holland District Council had separated from its partnership with Breckland Council and joined the South and East Lincolnshire Councils Partnership. It had been a challenging year for the Finance Team and the Portfolio Holder thanked the Deputy Chief Executive (Corporate Development) for her great leadership, and the Finance Team for their dedicated work.
1) That the outturn position for 2021/22 as detailed in Table 1 be financed from the Council Tax Reserve;
2) That the following reserve movements be approved:
a) A contribution of £1,419,065 to the Earmarked Grants reserve of additional section 31 grants received in year which are required to fund the Collection Fund Deficit in 2022/23;
b) A contribution from the Earmarked Grants Reserve of £2,922,033 which is required to drawdown section 31 grants received in 2020/21 but are required to fund the Business Rates deficit in 2021/22;
3) General Fund capital position – That the 2021/22 capital budget carry forward to 2022/23 due to slippage/re-profiling, as detailed in column 3 of Table 8, be approved; and
4) HRA capital position – That the budget carry forward due to slippage/re-profiling, as detailed in column 3 in Table 12, be approved.