Report Title: Month 8 2020/21 Financial Performance and Budget Virements
Decision number: 004/2021
Author and Job Role: Kelvin Menon – Treasurer
Protective Marking: OFFICIAL
Executive Summary:
The Financial Monitoring report for the period ending the 30th November 2020 shows that Surrey Police Group is predicted to be £0.6m under budget by the end of March 2021 based on performance so far. Capital is predicted to be £1.2m underspent, the same as 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
Although the budget underspend fell in Month 7 it has begun to increase again. Even so it still only represents 0.2% of total expenditure. Despite being underspend overall there are overspends in some areas, such as overtime, that are being looked at closely. Covid expenditure so far has totalled £6.5m of which £3.5m has been reimbursed by Government.
Of the total Capital Budget of £15.4m only £6.3m has actually been spent. This makes it likely that the underspend will actually be larger than the £1.2m predicted and a number of projects may be deferred in to next year. That said this underspend will reduce financing costs in the year.
The OPCC is predicting to be slightly underspent at the end of 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 was presented at the January Performance Meeting.
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 30th November 2020 and approve the virements set out in Appendix A of the attached report.
Signature: David Munro (wet signature available on hard copy)
Date: 22/02/2021
All decisions must be added to the decision register.
Appendix A
Revenue Virements over £500k
| Month | Amount
£000 |
Perm/Temp | from | To | Description |
| M8 | 2,275 | Perm | Operations | Operations | Match Covid PPE Costs with grants received |