Issue - meetings

Consideration was given to the report of the Chief Officer Resources.

The Service Manager Accountancy spoke to the report and outlined the current position in relation to the forecast 2021/2022 as at Quarter 2.

The Leader welcomed the current position of the Council’s reserves and advised that in previous years the Authority had received criticism from the Audit Office Wales due to the poor management of the level of reserves. However, the Leader noted that the Authority had now increased the level of reserves which was due to the good work achieved in this area.

RESOLVED that the report be accepted and the Executive Committee noted the following:-

·        the impact of the £2.814m favourable variance for 2021/2022 would have on the budgeted contribution to the General Reserve;

·        the forecast increase of the General Reserve in 2021/2022 to £10.567m, being 8.0% of net revenue expenditure, above the 4% target level;

·        the need for ongoing prudent financial management given the potential for future public spending restrictions required to fund the impact of Covid-19; and

·        the budget overspends continue to be challenged and the appropriate service Action Plans be implemented, where required.