Issue - meetings

Revenue and Capital Budget Update 2019/20 - February

 

 

Meeting: 06/02/2020 - Cabinet (Item 105)

105 Revenue and Capital Budget Update 2019/20 pdf icon PDF 182 KB

Report of the Head of Corporate Resources

Minutes:

The Cabinet considered the report of the Head of Corporate Resources that advised of:

 

(1)

the current forecast revenue outturn position for the Council for 2019/20;

 

(2)

the current forecast on Council Tax and Business Rates collection for 2019/20; and

 

(3)

The monitoring position of the Council’s Capital Programme to the end of December 2019 in respect of:

 

·       the forecast expenditure to year end;

·       variations against the approved budgets and an explanation of those variations for consideration by Members;

·       updates to spending profiles and proposed amendments to capital budgets necessary to ensure the efficient delivery of capital projects and seeking approval of such; and

·       seeking a review of the spending profiles across financial years; and the new schemes added to the Capital Programme under delegated authority for 2019/20 (as detailed in paragraphs 5.1.1 and 5.1.3 of the report respectively)

 

Decision Made: That

 

(1)

In respect of the Revenue Budget:

 

(A)

the current forecast revenue outturn position for 2019/20 and the current position relating to delivery of savings included in the 2019/20 revenue budget be noted;

 

(B)

the mitigating measures being used to partially mitigate the forecast outturn position, as outlined in paragraph 2.2 of the report, excluding a forecast deficit on Housing Benefits which will be considered at the end of the financial year if it materialises be noted; and

 

(C)

it be acknowledged that a comprehensive review of all forecast outturn estimates and potential remedial measures has been undertaken and the outcome has significantly reduced the forecast overspend reported; and that the position will continue to be reviewed to ensure a balanced forecast outturn position can be achieved or understand a potential call of General Fund Balances; and

 

(2)

in respect of the Capital Programme:

 

(A)

the latest capital expenditure position as at 31 December 2019 of £12.104m (as detailed in paragraph 5.2.2 of the report) with the latest full year forecast being £21.234m (as detailed in paragraph 5.3.1 of the report) be noted;

 

(B)

the explanations of variances to project budgets (as detailed in paragraph 5.3.2 of the report) be noted; and

 

(C)

it be acknowledged that capital resources will be managed by the Head of Corporate Resources to ensure the capital programme remains fully funded and that capital funding arrangements secure the maximum financial benefit to the Council (as detailed in section 5.5 of the report).

 

Reasons for the Decision:

 

To ensure Cabinet are informed of the forecast outturn position for the 2019/2020 Revenue Budget as at the end of December 2019, including delivery of agreed savings, and to provide an updated forecast of the outturn position  regarding the collection of Council Tax and Business Rates. 

 

To keep members informed of the progress of the Capital Programme against the profiled budget for 2019/20 and agreed allocations for future years.

 

To progress any changes that are required in order to maintain a relevant and accurate budget profile necessary for effective monitoring of the Capital Programme.

 

To approve any updates to funding resources so that they can be applied  ...  view the full minutes text for item 105