Appendix D - General Fund Forecast Adjustments
The following notes relate to the adjustments made to the forecast set out in.
Impact of out-turn 2019/20
i - Slippage from 2019/20 - Slippage of £1.144m relating to underspends in 2019/20.
ii - 2024/25 forecast extension - pensions and salaries - additional financial year added to forecast - adjustment to include an assumed 2% pay award in 2024/25 and an adjustment to extend the pension savings reported in the February 2020 forecast.
Impact of Covid-19 Pandemic
iii - Additional Waste collection costs - Additional costs including agency cover, vehicle hire, PPE.
iv - Homeless and Rough Sleepers - The cost of providing accommodation for Homeless and Rough Sleepers during Covid lock down and throughout the Pandemic net of housing benefits
v - Covid-19 Rough Sleeping Grant - One off Government grant of £271k towards the cost of providing accommodation during the lock down.
vi - Covid-19 associated costs - Additional costs incurred during the Pandemic including purchasing PPE, IT costs to enable staff to work from home and enabling virtual meetings, costs associated with processing the business support and business discretionary grants and Community Hub and providing food parcels and support.
vii - Rent free periods for investment properties - Cost of providing rent free periods for the Council's City Centre investment properties and adhoc requests.
viii - Loss of Fees and Charges Income - Estimated loss of Fees and Charges Income including Planning application fees, car parking income, licensing income, cultural and leisure receipts.
ix - Government Covid-19 grant - Covid-19 Government grant to fund the costs of Covid. Note only the net use of the grant funding has been included at this time.
x - MHCLG Government grant administering grants - Grant received from the Ministry of Housing, Communities and Local Government towards administering the business support grants.
xi - Compensation for income losses - Government compensation scheme. Funding available towards part funding the loss of fees and charges.
xii - Other Covid grants - Grants contributions towards specific Covid schemes
Ongoing Forecast Adjustments
xiii - Underspends - Estimated underspends as a result of the Council downsizing and not requiring contingency
xiv - City Centre asset costs - Increased costs on City Centre assets
xv - Minor ongoing adjustments - These include adjustments to budgets as a result of the latest budget process.
xvi - Investment income reduction in interest rates - Impact from the Bank of England change to interest rates
One-off and time limited budget items
xvii - One-off payment as per Council June report - One-off contribution as per report presented to Council in June 2020.
xviii - Vacancy savings - A high number of posts have been vacant during the financial year however a number of these are now filled therefore this has been included as a one-off adjustment.
xix - Other Minor Adjustments including re-phasing - Various minor adjustments identified as part of the budget process.
Xx - Re-phasing of Minimum Revenue Provision (MRP) - Re-phasing of MRP as a result from rescheduling works on capital schemes.
Xxi - Interest Payable saving - Interest savings
Xxii - Audit Fees - Increase in audit fees
Xxiii - Revenues and Benefits shared Services - £100k savings from vacant posts
xxiv - City Deal Adjustment - New Homes Bonus - Adjustment to reflect payment of the New Homes Bonus allocation to City Deal