Decision details

Budget Control Report July 2020 - SEPT20/CAB/33

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

This report provides Cabinet with the forecast for 2020/21 as at June 2020 budgetary control position. 

Decision:

Cabinet considered the report RESOLVED to note:

 

1.      The Budgetary Control position for 2020/21 as at July 2020 is a forecast overspend of £9.6m against budget. This includes the current estimated impact of COVID-19; 

2.      The specific impact COVID-19 on the Councils expenditure and income and the additional funding being received; 

3.      The reduction in collection rates in respect of Council Tax and National Non-Domestic Rates, in comparison to the levels achieved in 2019/20, as outlined in section 4; 

4.      The additional funding that has been made available and allocated to the business community and households due to COVID-19, as outlined in section 4; 

5.      An update on the Medium Term Financial Strategy 2021/22 process as set out in section 4; 

6.      The key variance analysis and explanations are contained in Appendix A;  

7.      The Councils reserves position, as outlined within Appendix A. 

 

Cabinet considered the report RESOLVED to recommendto Council:  

 

8.         The Capital virements contained in Appendix B, which include the purchase of 62-68 Bridge Street, and a contribution to a new access to the parkway as part of the University development which require additional borrowing to the existing capital programme. 

 

Publication date: 21/09/2020

Date of decision: 21/09/2020

Decided at meeting: 21/09/2020 - Cabinet

Effective from: 25/09/2020

Accompanying Documents: