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