Report of the Strategic Director of Finance and Customer Services
Recommendations:
1. That the current General Fund Revenue Budget forecast of £6.2m 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.
Minutes:
Consideration was given to a report which detailed the financial position as at the end of May 2020 and was based on actual costs and income for the first two months of 2020/21 and forecast for the remainder of the financial year.
Members noted that financial performance was a key element within the assessment of the Council’s overall performance framework and was essential to achievement of the objectives within the Council’s Policy Agenda. The report was the first in a series of monitoring reports for the 2020-21 financial year which would continue to be brought forward to Cabinet on a regular basis.
As at May 2020, the Council had a forecast year-end overspend of £6.2m after taking account of the Government’s provision of Covid-19 support grant of £16.2m. Without the funding, the projected overspend would have been £22.4m on the General Fund.
Resolved:-
1. That the current General Fund Revenue Budget forecast of £6.2m 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.
Supporting documents: