Issue - meetings

RESOLVED that;

1) Executive approves the revised General Fund budget for 2020/21 as set out in Appendix 1 and detailed in Appendix 2 to the report,

2) Executive approves the revised HRA budget for 2020/21 as set out in Appendix 3 to the report,

3) Executive approves the revised Capital Programme for 2020/21 as set out within Appendix 4 to the report.

Executive considered the report of the Portfolio Holder – Finance and Community Safety which sought approval of the 2020/21 revised budget for the General Fund, Housing Revenue Account and Capital Programme.  

The revised budget process was now complete and the proposed 2020/21 revised budget for the General Fund was attached to the report at Appendix 1.  The Coronavirus Pandemic had had a detrimental impact on the Council’s 2020/21 budget and the income loss and expenditure projections had now been included in the revised budgets, with the latest position as at 23^rd October 2020.  The details of the net cost of each cost centre by Directorate was set out at Appendix 2.

The Housing Revenue Account (HRA) revised budget for 2020/21 was set out at Appendix 3 to the report.  Taking account of the proposed budget changes, the HRA was anticipated to deliver a surplus in the current financial year of £0.095m, which was slightly lower than the current budget.

The Council’s capital programme was set out at Appendix 4 to the report.  There were no issues reported with regard to the financing of the 2020/21 capital programme.

The Head of Finance and Resources & Section 151 Officer gave a presentation on the revised budgets.

Moved byCouncillor Clive Moesby and seconded by Councillor Duncan McGregor

RESOLVED that;

1) Executive approves the revised General Fund budget for 2020/21 as set out in Appendix 1 and detailed in Appendix 2 to the report,

2) Executive approves the revised HRA budget for 2020/21 as set out in Appendix 3 to the report,

3) Executive approves the revised Capital Programme for 2020/21 as set out within Appendix 4 to the report.

REASON FOR DECISION:

The report set out the revised budgets early within the financial year to ensure that identified budget savings were realised, that all budget managers were working to the revised budgets and to allow any planned changes to be delivered.  The revised budget now took account of the effect of the Covid 19 pandemic and of the Councils response thus far.

OTHER OPTIONS CONSIDERED:

General Fund and HRA

Any surplus on the Council’s two main revenue accounts would result in an increase in financial balances at the year-end which were available to protect services at a time of declining central government support.  It was proposed that additional resources would be transferred to reserves in preparation for future expenditure.

Capital

There were no alternative options being considered with regard to the proposed allocations from the Capital Programme budget as it ensured the Council’s assets met health and safety requirements in that they were maintained in a fit for purpose state that ensured they remained fully operational.