Issue - meetings

RESOLVED:

That the Council’s forecast revenue and capital budget positions for the year is noted; and the reset of the 2020/21 revenue budget envelopes to reflect the additional costs and lost income related to COVID-19 be approved.

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 and Performance Select Committee]

The Cabinet Member for Resources provided Cabinet with details of the County Council’s 2020/21 financial position as at 31st May 2020 (M2) for revenue and capital budgets, and the expected outlook for the remainder of the financial year, as well as proposing a budget reset to take account of COVID-19 pressures. The key messages included within the report were that the Council is forecasting a Business as Usual (BAU) deficit of £4.7m, against the budget approved by Council in February 2020 and a deficit of c£5.8m is being forecast against the Government COVID-19 funding. The Cabinet were updated on the forecast revenue budget outturn for the year for each Service. Since the publication of the report the council had received a further tranche of funding from government amounting to £6.4m.

RESOLVED:

That the Council’s forecast revenue and capital budget positions for the year is noted; and the reset of the 2020/21 revenue budget envelopes to reflect the additional costs and lost income related to COVID-19 be approved.

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 and Performance Select Committee]