Decision Log 056/2020 – Month 7 2020/21 Financial Performance and Budget Virements

Decision Log 056/2020 – Month 7 2020/21 Financial Performance and Budget Virements

Report Title:                              Month 7 2020/21 Financial Performance and Budget Virements

Decision number:                      56/2020

Author and Job Role:                Kelvin Menon – Treasurer

Protective Marking:                   OFFICIAL

Executive Summary:

The Financial Monitoring report for the period ending the 31st October 2020 shows that Surrey Police Group is predicted to be £0.3m under budget by the end of March 2021 based on performance so far. This is a reduction from the £0.7m predicted last month. Capital is predicted to be £1.2m underspent, compared with £2.5m last month, however this will depend on the timing of projects.

Financial Regulations state that all budget virements over £0.5m must be approved by the PCC. These are set out in Appendix D of the attached report.

Background

Whilst the Surrey Police Group remains within budget the gap is now closing and careful budget management will need to be employed to ensure that the group remains within budget for the rest of the year. Covid expenditure so far has totalled £6.7m of which £3.5m has been reimbursed by Government. Now that PPE is supplied centrally the rate of expenditure on Covid is at least falling. Areas such as staffing costs and overtime remain under pressure but are being monitored closely by the Force.

Of the total Capital Budget of £14.4m only £4.5m has actually been spent. This makes it likely that the underspend will actually be larger than the £1.2m predicted. Whilst these projects will be delayed it will reduce financing costs in the year.

Finally all of the savings for the year have been delivered and the Force is on target to recruit all of its Precept and Uplift Officers.

A more detailed finance report is included within the December Performance Meeting public agenda.

The budget virements requested are set out in Appendix A and mainly relate to the reanalysis of staffing costs within the budget

Recommendation:

Police and Crime Commissioner Approval

 I note the financial performance as at the 31st October 2020 and approve the virements set out in Appendix A of the attached report.

 

Signature: David Munro (wet signature available on hard copy)

Date:     29/12/2020

All decisions must be added to the decision register.

 

Areas of consideration

Consultation

 None

Financial implications

These are set out in the paper

Legal

None

Risks

There are a number of risks around the delivery of the budget such as Overtime and Covid and these will be monitored closely during the remainder of the year.

Equality and diversity

None

Risks to human rights

None

Appendix A

Revenue Virements over £500k

Month Amount

£000

Perm/Temp from To Description
M7 1,034 Perm Commercial and Financial Services ICT ICT Revenue funding for Projects (AJ)
M7 518 Perm Commercial and Financial Services Local Policing SY – Creation of Precept 20/21 Police Staff posts in Various Departments (HB)
M7 1,283 Perm Commercial and Financial Services Equip Commercial Financial Servcies Virement 20/21(CH)
M7 570 Perm Commercial and Financial Services Local Policing Commercial Financial Servcies Virement 20/21(CH)

 

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