Issue - meetings

The Leader of the Council and Cabinet Member for Finance and Growth, will report at the meeting.  Report attached.

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;

• Note that the additional contribution to the pooled fund was agreed at the end of the last financial year as a mechanism of accessing additional funding for the CCG and that this will be offset by a lower contribution, of the same value, in 2020/21;
• Approve the allocation from reserves of £0.850m and note that this is factored into the out-turn position;
• Note the final position on the collection fund;
• Note the final position on reserves of £55.561m at the end of 2019/20;
• Note expenditure of £32.686m on capital programmes during the year and the outcomes achieved;
• Note the slippage of £18.373m and approve that this can be carried forward and added to the 2020/21 capital programme.
• Note that the final treasury management outturn report will be presented to Cabinet in September 2020.

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.