Issue - meetings

Financial Monitoring Report (Nov 2020)

Meeting: 11/11/2020 - Cabinet (Item 7)

7 Financial Monitoring Report (Nov 2020) pdf icon PDF 149 KB

Decision:

Cabinet Member for Finance and Change, Cllr Lynden Stowe, gave an update on the year-end forecasts for the County Council’s Revenue and Capital Budgets 2020/21.

 

Having considered all of the information, Cabinet noted the report and,

 

RESOLVED

 

1. Note the forecast revenue year end position based on actual expenditure

as at the end of August 2020 and September 2020 (Period 6) forecasts

for the 2020/21 financial year including Covid-19 forecast is an

overspend of £7.649 million. The forecast excluding Covid-19 is an

overspend £4.115 million.

 

2. Note the forecast capital year end position as at the end of August 2020

of £126.838 million against the current budget of £129.874 million.

 

3. Approve the £249.193 million increase to the capital programme as

outlined in Section B of the report and approves the re-profiling of current

year budgets to reflect the current forecast.

 

4. Approve the transfer of £700k from Corporate Insurance Reserves to a

new Ash Die Back Reserve.

 

 

Minutes:

Cabinet Member for Finance and Change, Cllr Lynden Stowe, gave an update on the year-end forecasts for the County Council’s Revenue and Capital Budgets

2020/21.

 

The forecast excluding Covid-19 expenditure was a £4.115 million overspend – this was largely due to a £7.422 million overspend in Children and Families which was partially offset by £3.056 million underspend in Technical & Countywide budgets. The overspend in Children and Families reflected the continuing pressure on external placements and home to school transport. 

 

The forecast cost of responding to the Covid-19 pandemic was £34.959 million, which exceeded the emergency grant allocation received of £31.425 million. A claim for lost income in the first 4 months of the financial year had now been submitted under the income reimbursement scheme for income lost as a direct result of COVID restrictions.

 

For Capital, the forecast year end position is £126.838 million – this was giving in year forecast slippage of £3.036 million. In total an additional £249.193 million increase in the capital programme and associated funding was recommended for approval in the report.

 

Cabinet members thanked the Finance Team for their hard work in maintaining the financial position during a difficult year.

 

Having considered all of the information, Cabinet noted the report and,

 

RESOLVED to :-

 

1. Note the forecast revenue year end position based on actual expenditure as at the end of August 2020 and September 2020 (Period 6) forecasts for the 2020/21 financial year including Covid-19 forecast is an overspend of £7.649 million. The forecast excluding Covid-19 is an overspend £4.115 million.

 

2. Note the forecast capital year end position as at the end of August 2020 of £126.838 million against the current budget of £129.874 million.

 

3. Approve the £249.193 million increase to the capital programme as outlined in Section B of the report and approves the re-profiling of current year budgets to reflect the current forecast.

 

4. Approve the transfer of £700k from Corporate Insurance Reserves to a new Ash Die Back Reserve.