Issue - meetings

This report summarises:

·         the County Council’s 2019/20 financial performance for revenue and capital. It also includes the year end Treasury Management and Debt outturn. Further details on Service budgets are to be found in Annex 1.

[The decisions on this item can be called in by the Performance & Resources Select Committee]

RESOLVED:

1.     That the Council’s revenue and capital financial positions for the year be noted:

·        £0.2m surplus against the original 2019/20 budget that will be added to the General Fund Reserve;

·        Contributions to reserves adding £2.8m to General Fund Reserve (inclusive of the £0.2m surplus), as set out in paragraphs 13-14;

·        Use of £13m capital receipts in-year to support transformation (paragraphs 11-12); and

·        £117.2m service capital expenditure against £126.7m budget.

2.     That the Council’s newly created reserves for Children, Families, Lifelong Learning & Culture Inspection and System renewals (£1.2m) and COVID-19 Emergency Funding (£24.3m) (paragraphs 15-16) be approved.

Reason for decision:

Note 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 Performance & Resources Select Committee]

The Cabinet Member for Resources highlighted various aspects of this report stating that it was the third consecutive year without the need for the use of reserves and there was a small surplus at year end.  He reported that 88% of efficiency savings had been achieved over the year and a total of £200m over three years.  It was explained that COVID-19 happened after the year end but that £47m had been received for incremental rise in costs which was ongoing and being monitored.

The Leader stated that it was no mean feat to achieve a balanced budget and that the council was in a good position with flexibility in choices going forward.

RESOLVED:

1.    That the Council’s revenue and capital financial positions for the year be noted:

·         £0.2m surplus against the original 2019/20 budget that will be added to the General Fund Reserve;

·         Contributions to reserves adding £2.8m to General Fund Reserve (inclusive of the £0.2m surplus), as set out in paragraphs 13-14;

·         Use of £13m capital receipts in-year to support transformation (paragraphs 11-12); and

·         £117.2m service capital expenditure against £126.7m budget.

2.    That the Council’s newly created reserves for Children, Families, Lifelong Learning & Culture Inspection and System renewals (£1.2m) and COVID-19 Emergency Funding (£24.3m) (paragraphs 15-16) be approved.

Reason for decision:

Note this report is to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions.