Issue - meetings

To enable the Cabinet to consider recommendations made by the Resources and Services Overview & Scrutiny Committee in relation to the above.

That –

(a)     the Committee be thanked for the work it has undertaken in reviewing the Financial Outturn for 2019/20 and its ongoing support in its overview and scrutiny of the Council’s financial performance, both in-year and future years; and

(b)     the Committee’s comments be taken into account as part of developing the Back to Business Action plan, which will include regular and timely updates being presented to the Committee as part of its important overview and scrutiny role in delivering against this key priority for the Council.

Cabinet was aware that,at its meeting held on 13 August 2020 (Minute 73 referred), the Resources and Services Overview & Scrutiny Committee had scrutinised an overview of the Council’s financial outturn for the year 2019/20 and the allocation of the associated General Fund Variance for that year.

The reports considered by the Corporate Finance and Governance Portfolio Holder on 17 July 2020 in respect of the Financial Outturn 2019/20 position and by Cabinet on 24 July 2020 (Minute 40 referred) in respect of the Outturn 2019/20 and proposed allocation of the General Fund variance for the year had been submitted to the Committee to assist it with its scrutiny of those matters.

The Committee was advised that on 17 July 2020 the Corporate Finance and Resources Portfolio Holder had considered the Financial Outturn 2019/20 and had made the following decision:-

“That the Corporate Finance and Governance Portfolio Holder:-

(a) notes the financial outturn position for 2019/20 as set out in this report and appendices;

(b) approves the financing of General Fund capital expenditure for 2019/20 as detailed in Appendix D;

(c) approves the movement in uncommitted and earmarked General Fund reserves for 2019/20 set out in Appendix E;

(d) approves the qualifying carry forwards totalling £17.914m (£9.518m Revenue and £8.396m Capital) as set out in Appendix K;

(e) agrees that all other carry forwards totalling £0.658m requested by services be transferred to the relevant earmarked reserve pending consideration by Cabinet at its July 2020 meeting;

(f) that subject to the above, approves that the overall General Fund Outturn Variance for the year of £0.862m be transferred to the Revenue Commitments reserve until Cabinet formally considers the allocation of this funding at its July 2020 meeting;

 (g) in respect of the HRA, approves the movement on HRA balances for 2019/20 including any commitments set out within Appendices H and/or I along with recharges to the HRA from the General fund of £2.808m for the year and the financing of the HRA capital expenditure set out in Appendix I; and

(h) delegation be given to the Council’s S151 Officer, in consultation with the Corporate Finance and Governance Portfolio Holder, to adjust the outturn position for 2019/20 along with any corresponding adjustment to earmarked reserves as a direct result of any recommendations made by the Council’s External Auditor during the course of their audit activities relating to the Council’s 2019/20 accounts.”

The Committee was further advised that, on 24 July 2020, the Cabinet had considered the Outturn 2019/20 and the Proposed Allocation of the General Fund Variance for the Year and had made the following decision:-

“That Cabinet:

(a) agrees that the total of £0.658m requested by Services can be retained by them via the associated carry forward requests, as set out in Appendix A to item A.6 of the Report of the Corporate Finance and Governance Portfolio Holder; and

(b) approves the allocation of the General Fund Variance for the year of £0.862m.”

Following discussion, it had been  ...  view the full minutes text for item 54