Decision Maker: Cabinet
Decision status: Decision Made
Is Key decision?: No
Is subject to call in?: Yes
Purpose:
To
receive the financial position as at the end of June
2020.
Decision:
RESOLVED –
-
That at Quarter 1 the net expenditure on
services year to date was £4,299,000, £1,591,000 more
than forecast, be noted;
-
That by year end the Council anticipates net
expenditure of £18,012,000 on services, £5,806,000 over
budget, be noted;
-
That by year end the Council anticipates receiving
an increase in funding of £3,950,000 which reduced the
deficit to £1,856,000 over budget, be noted;
- That Cabinet make available £6,658,000 of reserves to
close the budget deficit, with the final allocation between
specific reserves being made once the actual budget position is
known at year end, and to hold the reserve balances as available
until then be approved.
REASON FOR DECISION:
To show the actual expenditure on services compared
to the revised budget for the period ended 30 June 2020, and the
forecast outturn position, highlighting significant variances from
the revised annual budget.
Report author: Jane Fineman
Publication date: 10/09/2020
Date of decision: 10/09/2020
Decided at meeting: 10/09/2020 - Cabinet
Effective from: 18/09/2020
Accompanying Documents: