27 Financial Management 2020/21 to 2023/24 and Framework for Change 2020 - Revenue and Capital Budget Update 2020/21 including the Financial Impact of COVID-19 on the 2020/21 Budget - December Update 
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Report of the Executive Director for Corporate
Resources and Customer Services submitted to Cabinet on 3 December
2020
Minutes:
Further to Minute No. 72 of the
meeting of the Cabinet held on 3 December 2020 the Committee
considered the report of the Executive Director of Corporate
Resources and Customer Services that advised
of:
|
(1)
|
the current estimated financial
impact of COVID-19 on the 2020/21 Budget;
|
|
(2)
|
the current forecast revenue
outturn position for the Council for 2020/21;
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|
(3)
|
the current forecast on Council
Tax and Business Rates collection for 2020/21; and
|
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(4)
|
the monitoring position of the
Council’s capital programme to the end of October 2020
relating to:
- 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 are also
presented for approval.
|
The Cabinet had
resolved (Minute No. 72) that:
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A.
|
in respect of the
Revenue Budget:
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(1)
|
the current estimated
impact of COVID-19 on the 2020/21 Budget together with the key
issues that will influence the final position, be noted;
|
|
(2)
|
the financial risks
associated with the delivery of the 2020/21 revenue budget and the
material variations that are to be expected to the current
estimates contained in the report be recognised, and it be agreed
that subsequent reports provide updates and where appropriate
remedial action plans as appropriate;
|
|
(3)
|
the Government grant
funding that has been received to support individuals and
businesses with the response to the pandemic, and which has been
distributed in accordance with central government guidance, be
noted;
|
|
(4)
|
the current forecast
revenue outturn position for 2020/21 be noted;
|
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(5)
|
it be acknowledged
that the forecast outturn position will continue to be reviewed to
ensure a balanced forecast outturn position and financial
sustainability can be achieved; and
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|
|
B.
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In respect of the
Capital Programme:
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(1)
|
the spending profiles
across financial years for the approved Capital Programme
(paragraph 7.1.1 of the report) be noted;
|
|
(2)
|
the latest capital expenditure
position as at 31 October 2020 of £10.600m (paragraph 7.2.1
of the report) with the latest full year forecast of £33.233m
(paragraph 7.3.1 of the report) be noted;
|
|
(3)
|
the explanations of variances
to project budgets (paragraph 7.2.3 of the report) be
noted;
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(4)
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the Council be
recommended to approve the supplementary capital estimate of
£0.352m for Ainsdale Coastal Gateway (paragraph 7.4 of the
report);
|
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(5)
|
the capital virement
of £0.149m to the Bootle Strategic Acquisitions project from
Council Wide Essential Maintenance (paragraph 7.5 of the report),
be approved; and
|
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(6)
|
the Executive Director
of Corporate Resources and Customer Services will manage capital
resources to ensure the capital programme remains fully funded and
that capital funding arrangements secure the maximum financial
benefit to the Council (paragraph 7.6.3 of the report), be
noted.
|
|
Members of the
Committee asked questions/commented on the following
issues:
·
The provision of emergency funding during the year
and from Government and via the Local Government Finance Settlement
to mitigate, due to the Covid pandemic, against the reduced
collection of Council Tax / ...
view the full minutes text for item 27
72 Financial Management 2020/21 to 2023/24 and Framework for Change 2020 - Revenue and Capital Budget Update 2020/21 including the Financial Impact of COVID-19 on the 2020/21 Budget - December Update PDF 207 KB
Report of the Executive Director for Corporate
Resources and Customer Services
Minutes:
|
The Cabinet considered the
report of the Executive Director for Corporate Resources and
Customer Services that advised of:
|
(1)
|
the current estimated financial
impact of COVID-19 on the 2020/21 Budget;
|
|
(2)
|
the current forecast revenue
outturn position for the Council for 2020/21;
|
|
(3)
|
the current forecast on Council
Tax and Business Rates collection for 2020/21; and
|
|
(4)
|
the monitoring position of the
Council’s capital programme to the end of October 2020
relating to:
- 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 are also
presented for approval.
|
The Executive Director of
Corporate Resources and Customer Services referred to the recent
Government Spending Review Announcement and reported that Officers
were working through the detail and as such would report back
accordingly.
The Leader of the Council,
Councillor Maher thanked all Finance Officers for their continued
support and hard work.
Decision Made:
That:
|
(A)
|
in respect of the Revenue
Budget:
|
(1)
|
the current
estimated impact of COVID-19 on the 2020/21 Budget together with
the key issues that will influence the final position, be
noted;
|
|
(2)
(3)
|
the financial
risks associated with the delivery of the 2020/21 revenue budget
and the material variations that are to be expected to the current
estimates contained in the report be recognised, and it be agreed
that subsequent reports provide updates and where appropriate
remedial action plans as appropriate;
the Government
grant funding that has been received to support individuals and
businesses with the response to the pandemic, and which has been
distributed in accordance with central government guidance, be
noted;
|
|
|
|
|
(4)
|
the current
forecast revenue outturn position for 2020/21 be
noted;
|
|
(5)
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it be
acknowledged that the forecast outturn position will continue to be
reviewed to ensure a balanced forecast outturn position and
financial sustainability can be achieved; and
|
|
|
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(B)
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in respect of the Capital
Programme:
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(1)
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the spending profiles across
financial years for the approved Capital Programme (paragraph 7.1.1
of the report) be noted;
|
|
(2)
|
the latest capital expenditure
position as at 31 October 2020 of £10.600m (paragraph 7.2.1
of the report) with the latest full year forecast of £33.233m
(paragraph 7.3.1 of the report) be noted;
|
|
(3)
(4)
(5)
(6)
|
the explanations of variances
to project budgets (paragraph 7.2.3 of the report) be
noted;
the Council be recommended to
approve the supplementary capital estimate of £0.352m for
Ainsdale Coastal Gateway (paragraph 7.4 of the report);
the capital virement of
£0.149m to the Bootle Strategic Acquisitions project from
Council Wide Essential Maintenance (paragraph 7.5 of the report),
be approved; and
the Executive Director of
Corporate Resources and Customer Services will manage capital
resources to ensure the capital programme remains fully funded and
that capital funding arrangements secure the maximum financial
benefit to the Council (paragraph 7.6.3 of the report), be
noted.
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(C)
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Reasons for Decision:
To ensure Cabinet are informed
of the forecast outturn ...
view the full minutes text for item 72
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