Decision details

Finance Update Report 2019/20

Decision Maker: Corporate Overview and Scrutiny Committee, Cabinet

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Decisions:

Cabinet considered the report of the Chief Finance Officer which provided details of the Council’s forecast 2019/20 financial position as at the end of September 2019.

 

The report would be submitted to the Corporate Overview and Scrutiny Committee in January 2020.

 

Alternatives considered:

 

Not reporting on financial performance puts at risk the achievement of the Council’s Medium Term Financial Plan. Effective budget management is critical to ensuring financial resources are spent in line with the budget and are targeted towards the Council’s priorities. Monitoring enables the early identification of variations against the plan and facilitates timely corrective action.

 

Resolved:

 

1.    That the forecast 2019/20 budget positions for Revenue, Savings and Capital as at the end of September 2019 be noted;

 

2.    That the £6.700m additional contribution to the pooled fund detailed in paragraph 4.1.3 of the submitted report, noting £0.823m to be reduced off the 2020/21 contribution be approved;

 

3.    That the Revenue Budget Pressure Fund requests for 2019/20 totalling £0.091m detailed in section 4.1.4. of the submitted report be approved;

 

4.    That the Capital funding switch detailed in section 4.1.3. of the submitted report be approved;

 

5.    That the net Capital re-phasing of £7.210m detailed in section 4.4.2. of the submitted report be noted;

 

6.    That the Treasury Management update which as detailed in Appendix G. of the submitted report be noted;

 

Reasons for the decision:

 

Cabinet Members should be kept updated on the financial position of the authority, as effective budget management is critical to ensuring the financial resources are spent in line with the budget and are targeted towards the Council’s priorities. Monitoring enables the early identification of variations against the plan and facilitates timely corrective action.

 

This report provides an overview of the forecast 2019/20 financial position for the Council and focuses on the position as at the end of September 2019. 

 

Eligible for call in – no

 

Report author: somerwill anita

Publication date: 26/02/2020

Date of decision: 02/12/2019

Decided at meeting: 02/12/2019 - Cabinet

Accompanying Documents: