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, Finance and Systems submitted a report which informed Members of the current 2020/21 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. In introducing the report the Director of Finance drew attention to the impact of the Covid-19 pandemic on the Council’s finances, and reminded Members that, especially in a volatile situation, any projections at the mid-year point required a degree of caution. It was noted that 2021-22 was expected to be a challenging year; though the recent spending round announcement had suggested a possible minor improvement in the position, compared to what had previously been expected. An opportunity was provided for Members’ questions, which centred on estimates of the Covid-related budget variance and the impact of vacancy factors.

RESOLVED –

(1)       That it be noted that the Executive had recommended that Council approve an increase to the net Revenue Budget of £261k to £175.52m as detailed in paragraph 2 of the report.

(2)       That the updated positions on the revenue budget, collection fund and capital programme be noted.