Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
The Cabinet considered a report of the Chief Finance Officer which informed Members about the on the Council’s forecast 2020/21 financial position as at the end of September 2020, and the additional Covid-19 funding received in October.
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.
1. That the forecast 2020/21 financial positions for Revenue, Capital, and the Collection Fund as at the end of September 2020, as detailed in section 4 of the report be noted;
2. That the utilisation of the 4th tranche of emergency Covid 19 funding of £6,199k detailed in section 4.1. of the report be approved;
3. That the forecast Health & Social Care Pool Budget position as detailed in section 4.2 of the report be noted;
4. That the Budget Pressure requests for 2021/22 as detailed in section 4.3 of the report be approved;
5. That the forecast unachieved savings target as detailed in section 4.4 of the report be noted;
6. That the net Capital budget changes of £1,066k detailed in section 4.6.1 of the report be noted;
7. That the Capital re-phasing of £5,579k detailed in section 4.6.2. of the report be noted;
8. That the reversal of the £140k reduction in Townships capital budget in 2020/21, and rephasing of that budget into 2021/22, as detailed in section 4.6.3. of the report be approved;
9. That the budget returns of £1,001k detailed in 4.6.4 of the report be noted;
10. That the budget switch as detailed in 4.6.5 of the report be approved;
11. That the mid-year 2020/21 Treasury Management update report contained in section 4.8. of the 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 financial resources are spent in line with the budget and are targeted towards the Council’s priorities.
The report focuses on the forecast 2020/21 financial position as at the end September 2020.
Report author: Rose Bennett
Publication date: 11/01/2021
Date of decision: 01/12/2020
Decided at meeting: 01/12/2020 - Cabinet