Issue - meetings

To consider the report of the Cabinet Member for Performance and Resources informing Members of the final Council position against agreed budgets for the 2019/20 financial year and seeking them to note the final outturn position and approve movement to and from earmarked revenue reserves.

RESOLVED that:

                  (1)        it be noted that:

                                   i.       the year-end position for the financial year 2019/20 is a decrease to the General Fund balance of £172k against a budgeted decrease of £90k.

                                  ii.      the General Fund balance has decreased from £1.673m to £1.501m at the end of 2019/20.

                                 iii.       the savings achieved in year total £170k.

                                 iv.       the level of earmarked reserves has reduced by £535k to £4.031m.

                                  v.       the impact of COVID19 pandemic on the Council year end position

                  (2)        the transfers to and from earmarked reserves as detailed in the table in section 6 of the report be approved.

Cabinet considered the report of the Cabinet Member for Performance and Resources that informed Members of the final Council position against agreed budgets for the 2019/20 financial year and sought them to note the final outturn position and approve movement to and from earmarked revenue reserves.

The Cabinet Member for Performance and Resources outlined the position in each portfolio and placed them in the context of the COVID-19 pandemic, particularly in relation to reductions in income.  She reminded Members that the financial position had been good before the pandemic and emphasised the central importance of the reserves both in the current situation and to safeguard the Council in the longer term. The Cabinet Member for Performance and Resources advised Members that in contrast to other local authorities the reporting deadline had been met without utilising the special extension.  She thanked the finance team and Section 151 Officer for their hard work.  The Cabinet Member for Culture and Leisure commented on their professionalism in difficult times.  The Cabinet Member for Communities and Neighbourhoods drew Members’ attention to the work done by everyone in her own portfolio, particularly the Corporate Director and Housing Services Operational Lead, to reduce the human as well as financial costs both during and before the pandemic and thanked them.  The Cabinet Member for Planning and Housing Strategy echoed those sentiments and extended his thanks to partner organisations, particularly registered housing providers.  He advised Members that despite the disappointing income shortfall from major planning applications, the financial prospects of his portfolio were back on course.

RESOLVED that:

                  (1)        it be noted that:

                                   i.       the year-end position for the financial year 2019/20 is a decrease to the General Fund balance of £172k against a budgeted decrease of £90k.

                                  ii.      the General Fund balance has decreased from £1.673m to £1.501m at the end of 2019/20.

                                 iii.       the savings achieved in year total £170k.

                                 iv.       the level of earmarked reserves has reduced by £535k to £4.031m.

                                  v.       the impact of COVID19 pandemic on the Council year end position

                  (2)        the transfers to and from earmarked reserves as detailed in the table in section 6 of the report be approved.