Agenda item

Financial Outturn Position Report 2019/20

Report from the Cabinet Member for Finance and Resources.

Minutes:

The Cabinet Member for Finance and Resources presented his report on the Financial outturn position for 2019/20.  The report had been presented to the Finance, Economic Development and Corporate Services Overview and Scrutiny Committee on 30 June 2020.  The report and the draft Statement of Accounts would be presented to the Governance and Audit Committee on 13 August 2020 for approval.

 

The General Fund revenue account had achieved a balanced position as outlined within the report.  The Council was in a good place going into 2020/21 despite the financial challenges that had been highlighted in the previous report.  The Cabinet Member for Finance and Resources thanked the Members of the Finance, Economic Development and Corporate Services Overview and Scrutiny Committee for their support to enable a balanced position to be achieved.  Lessons had been learnt from the previous year and these would be incorporated in the future so that all budgetary savings and efficiencies were underpinned by robust, project management and delivery plans.  Budgets would be monitored closely by budget holders and regular, clear and concise financial reporting undertaken.

 

The large underspend in the capital programme had been noted with variances in both the General Fund and the Housing Revenue Account (HRA). The reasons for the capital programme underspend were highlighted within the report.  Despite challenges in relation to rent collection and the roll out of Universal Credit, the HRA had performed strongly.  The HRA was in a good position for the Cabinet’s ambitions to see more affordable housing going forward.

 

Cabinet reviewed and noted the provisional Revenue and Capital Outturn report and associated appendices for 2019/20 and feedback from the Finance, Economic and Corporate Services Overview and Scrutiny Committee following the meeting on 30 June 2020.

 

On being put to the vote, it was AGREED:

 

1.     To recommend the proposed budget carry forwards, shown at appendix E and I and reserve movement shown at section 4 and 7 in the report, to be considered for approval by Governance and Audit Committee.

Supporting documents: