Issue - meetings

AGREED RECOMMENDATIONS

Reason for decision – as specified in the report.

Other options considered - none.

Conflicts of interest/dispensations granted – none.

Link to the report.

RESOLVED:

(i)                         That the breakdown of the forecast General Fund outturn by individual variance at Appendix 1 of the report and by service area at Appendix 2 of the report be noted.

(ii)                        That the forecast General Fund underspend of (-£8.405m) compared to a forecast underspend of (-£5.691m) in the previous reported position (Section 3 and Table 1 of the report) be noted.

(iii)                      That it be noted that the Council is facing total COVID-19 related budget pressures of around £74m and, after Government grants received to date, a net gap of around £58m (including Collection Fund and HRA pressures) (Paragraph 3.2 of the report).

(iv)                      That, in addition to the above, there is an estimated net budget gap of around £13m in 2021/22 and £58m over the 3-year financial planning cycle to 2023/24 and that the medium-term financial outlook is the most uncertain it has ever been (Paragraph 3.2 of the report) be noted. 

(v)                       That the outturn transfers to reserves, the re-purposing of existing reserves and the provisional General Fund and HRA reserves balances be agreed, and authority be delegated to the Section 151 Officer to agree any further movements to/from reserves related to finalising the 2019/20 Statement of Accounts. (Paragraphs 4.17-4.19, Table 2 and Appendix 3 of the report).

(vi)                      That the HRA outturn surplus of (-£0.325m) and net break-even position after transfer to HRA reserves (Section 5 and Appendix 2 of the report) be noted.

(vii)                    That the provisional 2019/20 capital outturn be noted, and the provisional financing of the 2019/20 capital programme, including the allocation of Strategic Community Infrastructure Levy (CIL) funding, be agreed, and authority be delegated to the Section 151 Officer to agree any further capital financing adjustments related to finalising the 2019/20 Statement of Accounts. (Section 6, Tables 4-5 and Appendix 4 of the report).

Reason for decision – to review the provisional financial outturn for 2019/20 and to consider associated matters in order to improve the financial resilience

of the Council.

Other options considered - none.

Conflicts of interest/dispensations granted – none.