Issue - meetings

Finance and Economic Development – (C-065-2020-21) - sets out the 2020/21 General Fund and Housing Revenue Account positions, for both revenue and capital, as at 31st December 2020 (“Quarter 3”).

After consideration of comments received from Overview and Scrutiny, the Cabinet agreed:

1.         The General Fund revenue position at the end of Quarter 3 (31st December 2020) for 2020/21, including actions being or proposed to improve the position, where significant variances have been identified, be noted;

2.         The General Fund capital position at the end of Quarter 3 (31st December 2020) for 2020/21 be noted;

3.         The Housing Revenue Account revenue position at the end of Quarter 3 (31st December 2020) for 2020/21, including actions being or proposed to improve the position, where significant variances have been identified, be noted.

4.         The Housing Revenue Account capital position at the end of Quarter 3 (31st December 2020) for 2020/21 be noted.

The Finance and Economic Development Portfolio Holder, Councillor J Philip, introduced the quarter 3 budget monitoring report.

This report set out the 2020/21 General Fund and Housing Revenue Account positions, for both revenue and capital, as at 31st December 2020 (“Quarter 3”).

This report was considered by Overview and Scrutiny Committee on 2nd February 2021 and their views and comments sought.

In terms of General Fund revenue expenditure – at the Quarter 3 stage – a budget overspend of £0.313 million was forecast, with projected net expenditure of £18.122 million against an overall budget provision of £17.809 million.

The General Fund revenue position was dominated by the impact of the Covid-19 pandemic.

Decision:

After consideration of comments received from Overview and Scrutiny, the Cabinet agreed:

1.         The General Fund revenue position at the end of Quarter 3 (31st December 2020) for 2020/21, including actions being or proposed to improve the position, where significant variances have been identified, be noted;

2.         The General Fund capital position at the end of Quarter 3 (31st December 2020) for 2020/21 be noted;

3.         The Housing Revenue Account revenue position at the end of Quarter 3 (31st December 2020) for 2020/21, including actions being or proposed to improve the position, where significant variances have been identified, be noted.

4.         The Housing Revenue Account capital position at the end of Quarter 3 (31st December 2020) for 2020/21 be noted.

Reason for Decision:

This report facilitates the understanding of the Council’s financial position for 2020/21. In terms of General Fund revenue, it was a very challenging year due to the financial pressures created by the Covid-19 pandemic.

Other Options for Action:

There were no matters for decision in this report. The Committee was asked to note the contents but may choose to take further action depending on the matters reported.