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 report projected how the budget would stand at the close of the financial year if all things remained unchanged.  It also took into account the latest position on Welsh Government Emergency Grant Funding announcements.

            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 £0.921M (excluding the impact of the pay award which would be met from reserves)
• A projected contingency reserve balance as at 31^st March 2021 of £1.418M

Housing Revenue Account

• Net in-year revenue expenditure forecast to be £0.364M lower than budget
• A projected closing balance as at 31^st March 2021 of £2.537M

To assist in mitigating the overall projected overspend a review of non-essential spend and a vacancy management process had been introduced.  This had resulted in a temporary reduction in spend of -£0.316 at Month 5 which had helped to reduce the overall financial overspend position.  This was in addition to £0.319M which was identified at Month 4 in total savings to date of £0.635M.

The Corporate Finance Manager provided full details on the projected position by portfolio; significant variances; open risks; new risks; emergency funding; achievement of planned in-year efficiencies; and reserves and balances.

RESOLVED:

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

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