Decision details

Budget Monitoring Outturn report P4 and P5

Decision Maker: Cabinet

Decision status: Information Only

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

To provide an update to Cabinet for Periods 4 and 5.

Decision:

Cabinet noted:

  1. Risks associated with the forecast outturn and the long-term financial impact on the Council as a result of COVID-19 pandemic.
  2. The £15.7m COVID 19 funding gap is indicative and will be amended to reflect the actual level of government funding received and local / national changes required in responding to potential local outbreaks.
  3. The estimated Collection fund deficit of £25.0m impacting in future years Appendix A, Section 3.5.
  4. A risk of non COVID-19 related overspend on General fund services, an overall forecast overspend of £7.1m for 20/21 at Period 5, representing 1.8% of the approved budget and that it is expected that the forecast overspend will be managed through management actions / mitigations through the rest of the financial year.
  5. Forecasts underspend of £1.6m with regard to the Housing Revenue Account.
  6. A forecast in-year deficit of £8.3m and a total £11.1m carried forward deficit in the ring fenced Dedicated Schools Account (DSG) and the significant deterioration in the forecast comparing to P3.
  7. A forecast overspend of £1.4m in Public Health mitigated by drawing down from the Public Health and PFI reserves.
  8. A forecast £66.8m underspend against the approved Capital Programme, which requires budget re-profiling at the end of P5.

 

Report author: Michael Pilcher

Publication date: 06/10/2020

Date of decision: 06/10/2020

Decided at meeting: 06/10/2020 - Cabinet

Accompanying Documents: