Issue - meetings

Finance Outturn Report 2019/20

Meeting: 25/06/2020 - Joint Overview and Scrutiny Panel (Item 25)

25 Finance Outturn Report 2019/20 pdf icon PDF 845 KB

To consider the attached report of the Chief Finance Officer

Minutes:

The Members scrutinised a report of the Chief Finance Officer that advised of the Council’s final outturn financial position as at the end of 2019/2020; and sought approval for a contribution to Equalisation Reserve totalling £3.2m; and approval of a capital budget switch request of Better Care Funding which have incurred limited expenditure in 2019/2020 of £0.031m.

 

The Panel was informed that not reporting on financial performance would put at risk the achievement of the Council’s Medium Term Financial Plan. Effective budget management was critical to ensuring financial resources were spent in line with the budget and were targeted towards the Council’s priorities. Monitoring enabled the early identification of variations against the plan and facilitated timely corrective action.

 

In considering this matter Members were informed that Cabinet had received the report at its meeting on 26th May 2020. The report was presented to keep Members updated on the financial position of the authority, as effective budget management was critical to ensuring financial resources were spent in line with the budget and are targeted towards the Council’s priorities. Monitoring enabled the early identification of variations against the plan and facilitates timely corrective action.

 

Resolved:

1. The Panel notes the final 2019/2020 outturn positions for Revenue, Capital and Corporate Debt as at the end of 2019/2020.

2. The Panel notes the summary of 2019/2020 Equalisation Reserve movements, as detailed at paragraph 4.1.1 of the submitted report.

3. The Panel notes that the Cabinet, at its meeting on 26th May 2020 approved the contribution to the Equalisation Reserve detailed at paragraph 4.1.2.of the submitted report.

4. The Panel notes the Budget Carry Forward requests and members endorse the exception detailed at paragraph 4.1.3, of the submitted report.

5. The Panel notes the final Health and Social Care Pool Budget position as detailed at paragraph 4.2, of the submitted report.

6. The Panel notes the net Capital budget increase of £6.980m, as shown at paragraph 4.4.1, of the submitted report.

7. The Panel notes the Capital re-phasing of £48.309m, as detailed at paragraph 4.4.2, of the submitted report.

8. The Panel notes that the Cabinet, at its meeting on 26th May 2020, approved the capital budget switch request that was detailed at paragraph 4.4.3 of the submitted report.

9. The Panel notes the return of £3.526m of Capital funding, as detailed at paragraph 4.4.4, of the submitted report.


Meeting: 26/05/2020 - Cabinet (Item 4)

4 Finance Outturn Report 2019/20 pdf icon PDF 845 KB

To consider the attached report of the Chief Finance Officer

Minutes:

Consideration was given to a report of the Chief Finance Officer which informed Cabinet of the Council’s final outturn financial position as at the end of 2019/20; and sought approval for a contribution to Equalisation Reserve totalling £3.2m; and approval of a capital budget switch request of Better Care Funding which have incurred limited expenditure in 2019/20 of £0.031m.

 

Alternatives considered

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

 

RESOLVED

1.    That Cabinet notes the final 2019/20 outturn positions for Revenue, Capital and Corporate Debt as at the end of 2019/20.

2.    That Cabinet notes the summary of 2019/20 Equalisation Reserve movements detailed in 4.1.1 of the submitted report.

3.    That Cabinet approves the contribution to Equalisation Reserve detailed in 4.1.2.of the submitted report.

4.    That Cabinet notes the Budget Carry Forward requests and members endorse the exception detailed in 4.1.3. of the submitted report.

5.    That Cabinet notes the final Health & Social Care Pool Budget position as detailed in section 4.2. of the submitted report.

6.    That Cabinet notes the net Capital budget increase of £6.980m shown in section 4.4.1. of the submitted report.

7.    That Cabinet notes the Capital re-phasing of £48.309m detailed in section 4.4.2 of the submitted report.

8.    Cabinet approves capital budget switch request detailed in 4.4.3 of the submitted report.

9.    That Cabinet notes the return of £3.526m of Capital funding detailed in 4.4.4. of the submitted report.

 

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. Monitoring enables the early identification of variations against the plan and facilitates timely corrective action.