Decision details

The Cabinet Member with the Resources Portfolio introduced the report of the Managing Director (previously circulated)providing an early forecast of the 2020/21 revenue budget outturn as part of the Council’s continuous financial management process and informing Cabinet of the budget rebasing exercise carried out following the 2019/20 outturn results.

The submitted report stated that this was the first revenue budget management report for 2020/21; the impact of COVID-19 (CV19) was projected to be significant on both expenditure and income levels; to date the Government had provided a grant of £6.231m to assist with pressures however there remained a predicted CV19 deficit of £8.064M; on 2 July 2020 a further package of support to Councils was announced with a further £500m being distributed to Council’s; following the budget rebasing exercise £0.897M was returned into general fund reserves; the year-end projection, taking into account the CV19 pressures showed an overall reduction in the 2020/21 financial position of £6.484m; and outlined a number of areas of uncertainty which had not been included such as home to school transport, as it had not been possible to quantify the impacts, but they were on-going risks.

RESOLVED - (a)  That the significant financial pressure in the forecast revenue outturn for 2020/21, as detailed in the submitted report, be noted.

(b)  That further regular reports be made to monitor progress and take prompt action if necessary.

REASONS - (a)  To continue effective management of resources.

(b)  To continue to deliver services to agreed levels.