Issue - meetings

(A)The net revenue budget forecast overspend of £100K in 2020/21 be noted as shown in Table 1 of the report; and

(B)The revised capital budget for 2020/21 is £73.985m, of which 3100K is estimated to be carried forward to future years, be noted.

The Executive Member for Financial Sustainability, Councillor Williamson, welcomed Steven Linnett as the Council’s new Head of Strategic Finance and Property and Section 151 Officer. 

Councillor Williamson then submitted a report on financial monitoring for the first quarter of the current financial year. He said this had been a time of considerable financial uncertainty, during which many of the Council’s core funding streams had been affected adversely. Without Government help the position would have been worse. The report indicated a forecast outturn of an overspend of £100,000, with capital expenditure on target, with only a comparatively small amount of £100,000 to be carried forward to future years. The report asked Executive Members to note the net revenue budget forecast overspend and revised capital budget. 

Councillor Williamson invited questions.

Councillor Redfern referred to the review which had been resolved upon at the previous meeting, regarding the Capital programme and updated business cases for major projects as part of the budget setting process. She said it was important that such updated business cases be submitted to the Council. It was necessary to decide whether the major projects were viable, and would not burden Council taxpayers if estimated incomes failed to materialise. She asked that the Executive agree that the revised business plans be brought to Council as soon as possible.

Councillor Williamson said work on the business case for the projects had been taking place for some time, in relation to various scenarios including Brexit and Covid-19. Such work was nearing completion, and indications were that the financial position for the Council was still positive. Budget setting would be conducted for next year, and the review would be made available soon.

Councillor Goldspink welcomed the review of the business case for the major projects, and asked when they would be made available. Councillor Williamson said that the information would be shared with all Members as soon as possible.

Councillor Williamson then proposed, and Councillor Goodeve seconded, a motion to support the recommendations in the report. On being put to the meeting, and a vote taken, the motion was declared CARRIED.

RESOLVED - that (A) the net revenue budget forecast overspend of £100K in 2020/21 be noted as shown in Table 1 of the report; and

(B) the revised capital budget for 2020/21 is £73.985m, of which £100K is estimated to be carried forward to future years, be noted.