Issue - meetings

To update Joint Committee members on the latest financial review of GwE’s budget for the 2021/22 financial year.

To accept the report.

To accept the report.

DISCUSSION:

It was reported that this is an initial review, and a net underspend of (£48,805) is foreseen by the end of the 2021/22 financial year. It was added there are no matters arising to cause concern during the Quarter 1 monitoring process. 

This is the first monitoring report of the year, which looks at true costs through to the end of June along with an expenditure forecast through to the end of the financial year, hoping there will be more clarity as regards the situation by the next quarterly review.

A general fund worth £612,335 is estimated by the end of the financial year, which is a positive situation to be in.

An internal income shortfall in rents was noted, as GwE buildings cannot be used to run schemes that are paid out of grants. In addition, it was noted transport use has resumed, albeit not back to normal levels, and an underspend is expected due to this.