Issue - meetings

To consider the 2021/22 Revenue Monitoring Report.

The Forum received the 2021/22 Revenue Monitoring Report.

During the discussion of this item, the following points were made:

·       Katherine Vernon advised that the in-year deficit was projected at £2.9million down from £3,1million.  This movement related primarily to the Schools Block.  A decrease had been seen against the forecast Growth Fund expenditure for this year. 

·       With regards to the High Needs Block, there was a small net movement of £65,000.

·       Increased expenditure of around £465,000 related to in year academic movements.  There was an increase in funding to Wokingham mainstream schools, Further Education colleges and Independent Non-Maintained Special Schools.

·       The above has been largely offset by the £400,000 for the Foundry which would not be drawn down this year.  Through ongoing discussions with the Foundry, Officers were aware that there remained a significant financial challenge.

·       Katherine Vernon provided an update on contingencies held.

Ø  There had not been any calls on the Schools Block De-delegated contingencies. 

Ø  With regards to the Early Years Provider Reserve Fund, in late November the formal notification of the adjustment for the last financial year had been received.  There was a clawback of £90,000, which was being investigated further.  A meeting would be held with the Early Years Task and Finish Group to discuss this and the rates for the next financial year.

Ø  There had been a reduction in forecast for the Growth Fund.

Ø  Discussions around extra mid phase secondary and primary classes that might be needed from January, continued.  The forecast for those had been reduced to 3 months from 7 months.  Katherine Vernon advised that this was important for the Growth Fund as whatever was left over this year could be carried over to the next year, so less would be needed from the Schools Block to cover the Growth Fund for next year.  For next year £1.8million would be needed for growth, but this would reduce should the £160,000 carry forwards.  £1.6million was estimated as growth fund income into the Schools Block for next financial year.

·       Ian Morgan asked whether the claw back would be taken from reserves.  Katherine Vernon indicated that the claw back would need to be factored in the rates for 2022/23.

·       Katherine Vernon confirmed that the clawback had been unexpected.

·       The Chairman asked what the level of Early Years reserves was.  Katherine Vernon commented that this was being worked on.

·       Lynne Samuel clarified that the clawback referred to the last financial year.  Officers had to consider the impact of the clawback for the last year, look at how this impacted the current year’s position, and how this would impact on recommending funding levels for the following financial year.

·       Officers would confirm the reserve funds for the current financial year.  Ian Morgan commented that he believed it was approximately £200,000.

·       Ian Morgan questioned whether the Early Year allocation would be late.  It was hoped that the hourly income rates for WBC would be available prior to Christmas.

·       The Chairman commented that the profiling of the current High  ...  view the full minutes text for item 17