Burnley Council set to record losses of £195,000

Burnley Council is currently set to record a loss of £195,000 in the year 2021/2022.

Tuesday, 21st September 2021, 3:34 pm

The estimate of Burnley Council’s projected overspend is based on the financial position at June 30th.

A report to the borough’s executive tomorrow by finance boss Howard Hamilton-Smith says: “You are asked to note the projected revenue budget forecast position of a net overspend of £195,000.

“This report shows the forecast outturn position based on the net budget forecast within the current reporting period.

Burnley Council's Executive will discuss the report at a meeting tomorrow.

“In previous years, the focus of this report has been on the net budget forecast and the achievement of the savings targets.

“Due to the coronavirus pandemic, this year is a continuation of the 2020/21 financial year with the focus instead being on the forecast reductions in income and increases in expenditure together with an evaluation of progress against savings targets.

“Due to the continuing uncertainty around the pandemic, it is difficult to predict the ongoing impact on the potential year end outturn.

“At the end of the current reporting period, the forecast year end net budget deficit stands at £195,000.

“This is after taking into consideration an estimated £237,000 to be reclaimed under the Sales, Fees and Charges Compensation Scheme and £0.719m of direct central government funding received to date.

“The deficit is based upon forecast income and expenditure as at the end of Quarter One, a time at which there are many future unknowns.

“The budget is being continually monitored.”