Decision Maker: Executive
Decision status: Information Only
Is Key decision?: No
Is subject to call in?: No
To inform members of the Council’s
financial performance against budget for the period April to
December 2019 along with the forecast position to 31 March
The subject of the decision
The Head of Financial Services submitted a report which sought to inform Members of the Council’s financial performance against budget for the period April to December 2020 along with the forecast position to 31 March 2021.
Members noted the headline messages at the end of quarter 3 2020/21, being:
(i) Expenditure from the revenue budget, excluding projects funded from earmarked reserves, was forecast to exceed budget by £369k
(ii) After taking into account the additional Covid-19 funding received of £1,594k, plus an estimate of the amount to be received under the income gurantee scheme of £1,565k, the projected outturn position would require a contribution of £55k from General Fund reserves to meet the forecast net overspend
Earmarked Reserves Budget
(iii) It was anticipated that £80k of the budgeted use of earmarked reserves would now be spent in future financial years and had therefore been reprofiled within the forecast spend of earmarked reserves in 2020-21
(iv) After accounting for the reprofiling, a saving of £2k was expected
(v) Expenditure from the capital budget was forecast to underspend by £7.945m (before carry forwards); £341k net of anticipated carry forward requests
(vi) Treasury Management activities were carried out in accordance with the Councils treasury management and investment strategies and within the limits established by the approved treasury and prudential indicators for 2020-21
(vii) No new external borrowing was undertaken.
Councillor J Lister moved the recommendation. This was seconded by Councillor A Pitcher. The recommendation was unanimously agreed.
Alternative options considered
The reason for the decision
To inform Members of the Council’s financial performance against budget for the period April to December 2020 along with the forecast position to 31 March 2021.
That the report be noted.
Report author: Gill Brocklebank
Publication date: 25/02/2021
Date of decision: 24/02/2021
Decided at meeting: 24/02/2021 - Executive