Issue - meetings
Budget Monitoring report
Meeting: 15/10/2020 - Executive (Item 756)
756 Financial Position as at 31 August 2020 
PDF 192 KB
Additional documents:
- Appendix 1 - 2020-21 GF Key Variances Month 5, item 756
PDF 190 KB
- Appendix 2 - 2020-21 Revenue by Service Area Month 5, item 756
PDF 183 KB
- Appendix 3 - Existing Savings Tracker Month 5, item 756
PDF 172 KB
- Apppendix 4 - Capital Programme Month 5, item 756
PDF 198 KB
Decision:
AGREED RECOMMENDATIONS
Reasons for decision – as specified in the report
Other options considered – none
Conflicts of interest / dispensations granted – none
Minutes:
RESOLVED:
a) 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.
b) That rather than being a one-off event that the council’s budget is recovering from, COVID-19 will continue to have a significant ongoing impact on the council’s budget for the foreseeable future, (Paragraph 3.2 of the report) be noted.
c) That it be noted that, after the application of COVID-19 government grant funding, there is a forecast net General Fund overspend of (+£20.206m) in 2020/21 (Section 3 and Table 1 of the report).
d) That it be noted that the council is facing total COVID-19 related budget pressures of approximately £62m and, after government grant received to date, a net gap of approximately £43m, including HRA and potential council tax and business rates income losses (Paragraphs 3.3-3.4 of the report).
e) That the latest savings tracker (Paragraph 4.39, Table 2 and Appendix 3 of the report) be noted.
f) That an allocation from the ongoing contingency budget in respect of the difference between the local government pay award (2.75%) and the original budget assumption (2.00%) (Paragraph 4.46 of the report) be agreed.
g) That the forecast in-year HRA deficit of +£3.990m (Section 5 and Appendix 2 of the report) be noted.
h) That the latest 2020/21 to 2022/23 capital programme and 2020/21 capital forecast be noted, and it be noted that the COVID-19 crisis is expected to lead to significant slippage of the 2020/21 capital programme to future financial years (Section 6, Table 3 and Appendix 4 of the report).
i) That £0.400m be added to the current year (2020/21) capital programme for urgent required works to make the council’s property at 48 Seven Sisters Road structurally safe and weather tight, and that the in-year revenue cost of capital related to this can be contained within the 2020/21 revenue budget (paragraph 6.5 of the report) be agreed.
Reasons for decision – in order to ensure the financial resilience of the council
Other options considered – none
Conflicts of interest / dispensations granted – none