Report of the Cabinet Member for Corporate Delivery/Chief Finance Officer
Consideration was given to a report of the Cabinet Member for Corporate Delivery / Chief Finance Officer which advised Cabinet of the Council’s forecast 2020/21 financial position as at the end of January 2021.
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, DSG,
Capital, and the Collection Fund as at the end of January 2021, as detailed in section 4 of the report be noted;
2. That the forecast Health & Social Care Pool Budget position as detailed
in section 4.2. of the report be noted;
3. That the Budget Pressure requests detailed in section 4.3 of the report be approved and that Cabinet note that any increased budget requirement in relation to the annual review of insurance provision will be funded from Public Contingency;
4. That the transfer of £7,451k of Covid 19 funding into 2 earmarked
reserves, for use in 2021/22, and the transfer of £500k to the Development Fund Reserve as detailed in section 4.1.4.of the report be noted;
5. That the payment of Link4Life’s Management Fee across the first 4 months of 2021/22 to support Link4Life to mitigate the financial impact of the Covid pandemic as detailed in section 4.1.4 of the report be approved;
6. That it be noted that, after accounting for agreed budget carry forwards any remaining in-year savings will be transferred to the Equalisation Reserve;
7. That the forecast unachieved Savings target in section 4.4.of the report be noted;
8. That the net Capital budget changes of £687k for 2020/21 and £3.000m
in 2021/22 as detailed in section 4.6.1. of the report ne noted;
9. That the Capital re-phasing of £7,568k detailed in section 4.6.3. of the report be noted;
10.That the use of the £170k compensation payment received relating to Middleton Arena be approved to be used to fund related Legal costs with the remaining balance used to replenish the Asset Management Capital Scheme for costs already incurred as detailed in 4.6.2.of the 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.
The report focuses on the forecast 2020/21 financial position as at the end
Eligible for call in – no