The Cabinet considered the
report of the Executive Director for Corporate Resources and
Customer Services that advised of:
(1)
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the current estimated financial
impact of COVID-19 on the 2020/21 Budget;
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(2)
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the current forecast revenue
outturn position for the Council for 2020/21;
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(3)
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the current forecast on Council
Tax and Business Rates collection for 2020/21; and
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(4)
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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.
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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)
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in respect of the Revenue
Budget:
(1)
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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;
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(2)
(3)
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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;
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(4)
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the current
forecast revenue outturn position for 2020/21 be
noted;
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(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:
(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;
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(2)
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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;
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(3)
(4)
(5)
(6)
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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 position for the 2020/21 Revenue Budget as
at the end of October 2020, including delivery of a remedial action
plan, 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 to capital
schemes in the delivery of the Council’s overall capital
strategy.
Alternative Options
Considered and Rejected:
None.
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