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Coalville Special Expenses Finance Update

Meeting: 20/04/2021 - Coalville Special Expenses Working Party (Item 25)

25 Coalville Special Expenses Finance Update pdf icon PDF 290 KB

Report of the Finance Team Manager

 

Additional documents:

Minutes:

Dan Bates, Head of Finance, presented the report, which informed the Working Party of  the 2020/21 Period 11 actuals and forecast outturn for the year. The report also presented the 2021/22 budgets and indicative increases in the Coalville Special Expense precept that might be required in future years based on current expenditure.

 

In response to Members’ questions, it was explained that, based on the agreed 2021/22 budgets, a 13% increase in the Coalville Special Expense Precept would be required each year for five years in order to maintain a balanced budget and the recommended 10% level of reserves. It was also explained that if the originally proposed 8.5% increase in the Coalville Special Expense precept for 2021/22 budget had been implemented, there would have been a reduced pressure due to an increase in the base income.

 

Following officers’ recommendation for the Working Party to consider reviewing expenditure and income in order to mitigate against the need for future precept increases, it was agreed that it would be beneficial to establish a Sub-Group for this purpose. Suggested areas for review included the Special Expense funded Mobile Vehicles Activated Signs and future replacement of play area equipment due to changes in children’s needs and habits. 

 

It was moved by Councillor M Wyatt, seconded by Councillor J Geary and

 

RESOLVED THAT

 

The Coalville Special Expenses Working Party:

 

1)    Notes the 2020/21 Period 11 actuals and the forecast outturn for the year.

 

2)    Notes the 2021/22 budgets and forecasted balances for 2022/23 to 2025/26.

 

3)    Provides its comments to Cabinet on reviewing future years’ budgets and funding.

 

4)    Agrees to establish a Sub-Group to undertake a review and provide further comments on future years’ budgets and funding. With membership and meetings dates to be confirmed outside of the meeting.