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
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.
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
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)
All decisions must be added to the decision register.
Areas of consideration
These are set out in the paper
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
Risks to human rights
Revenue Virements over £500k
|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)|