Issue - meetings

As detailed in the recommendations.

Councillor Banks introduced the report which provided details of the known risks and issues for 2020/21 for the Council Fund and Housing Revenue Account. 

The Corporate Finance Manager explained that the projected year end position, without new actions to reduce cost pressures and/or improve the financial return on efficiency planning and cost control was:

Council Fund

• An operating deficit of £0.569M (excluding the impact of the pay award which would be met by reserves), which was a favourable movement of £0.352M from the deficit figure reported at Month 5
• A projected contingency reserve balance as at 31^st March 2021 of £1.415M

Housing Revenue Account

• Net in-year expenditure forecast to be £0.478M lower than budget
• A projected closing balance as at 31^st March of £2.651M.

The report provided details on the projected position by portfolio, significant movements from Month 5, open risks, new emerging risks and reserves and balances.

Council Tax income was 1.4% below target which equated to £1.37M.  Income was expected to continue to recover now that recovery processes had resumed in full and when agreed payment deferrals were settled.  The Chief Executive added that the situation was being monitored by Welsh Government (WG).

RESOLVED:

(a)       That the overall report and the projected Council Fund contingency sum as at 31^st March 2021 be noted; and

(b)       That the projected final level of balances on the Housing Revenue Account be noted.