Agenda item

To consider the report of the Cabinet Member for Finance and Income Generation detailing the revenue and capital financial monitoring for the period to the end of July 2020 and COVID-19 Budget matters. 

Report of the Cabinet Member for Finance and Income Generation detailing the financial monitoring for the period to the end of July 2020 and COVID-19 Budget matters.

RESOLVED:

General Revenue Fund:

i)  Noted the forecast outturn position as outlined in this report, including for business as usual and COVID-19 costs.

ii)  Approved addressing the budget shortfall as outlined in paragraphs 8 to 16 and table 1 of Appendix 3. This means using £9.6M of corporate budgets, a £2.7M underspend at period 4, after applying £4.16M from the Social Care demand reserve to eliminate the Children & Learning overspend and £1.5M of in-year savings.

Capital Programme

iii)  Noted the revised General Fund and HRA capital programme as outlined in this report.

iv)  Approved the delays to capital scheme works and the application of new funds other than borrowing to support the capital programme as outlined in paragraphs 19 to 20 of Appendix 3 and annexe 3.2.

v)  Approved the proposed revised General Fund capital programme to 2024/25 and its financing as shown in annex 2.5 of Appendix 2.

vi)  Approved the proposed revised HRA capital programme to 2024/25 and its financing as shown in annex 2.5 of Appendix 2.

NOTE – FOR THE SUBSTANTIVE RESOLUTION: Councillors Barnes-Andrews, Mrs Blatchford, Bogle, Bunday, Chaloner, Coombs, Cooper, Fielker, Hammond, Kataria, Kaur, Keogh, Leggett, Margetts, McEwing, Mintoff, Mitchell, Noon, Paffey, Payne, Renyard, Rayment, Savage, Shields, Spicer, Taggart, Whitbread and Windle.

NOTE – ABSTAINED THE SUBSTANTIVE RESOLUTION: Councillors J Baillie, P Baillie, Bell, G Galton, S Galton, Guthrie, Fitzhenry, Hannides, B. Harris, L. Harris, Harwood, Houghton, Laurent, Prior, Streets, Vaughan and White.