To consider a report of the Executive Member for Finance and Investment and Corporate Director, Finance and systems.
The Executive Member for Finance and Investment and the Corporate Director of Finance and Systems submitted a report which informed Members of the current 2019/20 forecast outturn figures relating to both Revenue and Capital budgets. It also summarised the latest forecast position for Council Tax and Business Rates within the Collection Fund. Members’ attention was drawn to key changes in variances since the previous report. An opportunity was provided for members to raise questions on the report’s content; these centred on movements in reserves, significant additions to the Council’s investment programme and an investment variance on Sonova House, which derived from an in-year rent review.
(1) That the report be noted, and the changes to the Capital Programme and Asset Investment Fund as detailed in paragraphs 28 and 38 of the report.
(2) That the refund from GMCA of £2.15m of the 18/19 business rates pilot monies (paragraph 25 of the report) be noted, and the application of these funds to:
– eliminate the in-year shortfall in business rate income (£800k);
– replenish the Housing Benefit Overpayment reserve (£200k);
– replenish the Business Rates Risk Reserve ( £1.15m);
(3) That the movements in reserves in paragraphs 11 to 14 of the report be noted.