Agenda item

Report of the Strategic Director of Finance and Customer Services

Recommendations:-

1.    That the current General Fund Revenue Budget forecast of £4.1m overspend be noted.

2.    That it be noted that actions will continue to be taken to mitigate the forecast overspend.

3.    That the Capital Programme update be noted.

4.    That approval be given to the utilisation of £250k of the Town Centre Development Capital Allocation as set out in Paragraphs 2.49 and 2.50. 

5.    That the interim update to the Council’s Medium Term Financial Strategy be noted.

Consideration was given to a report which set out the financial position as at the end of October 2019, which was based on actual costs and income for the first seven months of 2019/20 and forecast for the remainder of the financial year. 

It was noted that financial performance is a key element within the assessment of the Council’s overall performance framework and is essential to achievement of the objectives within the Council’s Policy Agenda. 

As at the end of October 2019, the Council had a forecast year-end overspend of £4.1m on the General Fund. The report also outlined an interim update to the Council’s Medium Term Financial Strategy.

Resolved:-

1.    That the current General Fund Revenue Budget forecast of £4.1m overspend be noted.

2.    That it be noted that actions will continue to be taken to mitigate the forecast overspend.

3.    That the Capital Programme update be noted.

4.    That approval be given to the utilisation of £250k of the Town Centre Development Capital Allocation as set out in Paragraphs 2.49 and 2.50. 

5.    That the interim update to the Council’s Medium Term Financial Strategy be noted.