114 The Council's Financial Position - 2019/20 Outturn PDF 242 KB
The Leader of the Council and Cabinet Member for Finance and Growth, will report at the meeting. Report attached.
Minutes:
The Leader, Councillor O’Brien presented a report updating Cabinet on the final financial position for the Council for 2019/20. The report sets out the position forboth revenue and capital and provides an analysis of the variances, both under and overspending.
The report provides details of the impact on the council’s reserves and provides context for a reserves strategy that will ultimately provide greater oversight and control over reserves in future years at a time of great financial uncertainty.
The council’s budget overspent by £5.003m representing 3.60% of the annualbudget. Included in the overspend is a higher than planned contribution to thepooled fund that was agreed in March 2020 and the application of £3.650m inreserves, without
Delegated decision:
Cabinet agrees to
Note the final overspend on the 2019/20 revenue budget of £5.003m and that this includes a higher than anticipated contribution to the pooled fund of £10.5m;
Reasons for the decision:
The report supports the Council in managing the overall financial risks and financial planning for the Council.
Other option considered and rejected:
To reject the recommendations.