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]