Consideration was given to a report of the Chief Finance Officer reporting the Collection Fund outturn position for 2019/20. Members were informed there was a surplus of £0.932m, comprising:
· £1.869m surplus relating to Business Rates;
· £0.937m deficit relating to Council Tax.
The Council’s share of the 2019/20 Collection Fund outturn surplus was £1.057m.
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.
That the 2019/20 Collection Fund outturn position be noted.
Reason for resolution
The Collection Fund outturn report for 2018/19 was presented to Cabinet for noting as part of the budget monitoring process.