Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
1. That the Council’s revenue and capital positions for the year be noted.
2. That the following transfers to reserves planned as part of the revenue budget be approved:
o £4.5m unspent redundancy budget in order to mitigate risks associated with delivering Transformation in future years
o £2.4m to meet future feasibility costs of capital schemes
3. That the following transfers to and from reserves from the outturn position as set out in paragraphs 4-5 in the Executive Summary below be approved:
o £3.7m from the Covid-19 reserve to meet the outturn position on Covid-19
o £4.0m to add to contingency to cover expected continued turbulence in our operating environment and future risks
o £3.0m to establish a Future Thinking Reserve
o £0.6m to the Interest Rate Risk Reserve
4. It be noted that the remaining £3.9m surplus will be added to the General Fund balance to improve our financial resilience.
Reasons for Decisions:
This report is to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions.
[The decisions on this item can be called in by the Resources & Performance Select Committee]
Publication date: 02/06/2021
Date of decision: 01/06/2021
Decided at meeting: 01/06/2021 - Cabinet
Effective from: 10/06/2021