Agenda item

Report of the Strategic Director of Finance and Customer Services

Recommendations:-

1. That the current General Fund Revenue Budget forecast of £0.9m overspend be noted.

2. That it be noted that actions will continue to be taken to mitigate the forecast overspend and that a balanced financial outturn is envisaged.

3. That the Capital Programme update be noted.

Consideration was given to the report which set out the financial position of the Council as at the end of November 2020 and was based on actual costs and income for the first 8 months of 2020/21 and forecast for the remainder of the financial year.

Financial performance was a key element within the assessment of the Council’s overall performance framework and essential to achievement of the objectives within the Council’s Policy Agenda. As such, this was the fourth financial monitoring report of a series of reports for the current financial year which would continue to be brought forward to Cabinet on a regular basis.

As at November 2020, the Council had a forecast year-end overspend of £23.6m on the General Fund which was mitigated in part by the Government’s provision of COVID-19 Emergency Support Grant and Sales, Fees and Charges Income Compensation, providing a net forecast outturn of £0.9m overspend. There would be one further period for a grant claim in relation to COVID-19 income lost compensation later in the year and it was anticipated that this further grant would cover the remaining £0.9m forecast overspend. As such, the Council expected to deliver a broadly balanced budget outturn.

Cabinet Members welcomed the monitoring report. This report had been considered by the Overview and Scrutiny Management Board as part of the pre-scrutiny process who were in support of the recommendations.

Resolved:-

1.    That the current General Fund Revenue Budget forecast of £0.9m overspend be noted.

2.    That it be noted that actions will continue to be taken to mitigate the forecast overspend and that a balanced financial outturn is envisaged.

3.    That the Capital Programme update be noted.