Issue - meetings

That:

1)        the outturn position of the revenue budget and the level of balances in respect of the General Fund, Housing Revenue Account, Schools Block and the Authority’s investment portfolio be noted;

2)        the General Fund carry forward requests of £2,734,399, as set out in Appendix B to the report be agreed;

3)        the significant reduction in the overspend on the general fund revenue account achieved since the last report be noted; substantially this is a result of the continuous improvement work in the Adults Social Care and Customer and Localities directorates.

The Executive considered a report setting out the Revenue budget outturn for the 2019/20 financial year.

During his introduction the Executive Member for Finance and Housing advised the meeting that although the budget showed a variance of just under £500k this represented a significant improvement on the position forecast at the mid-year point which was closer to £1m.  Councillor Kaiser highlighted that this movement had been as a result of the continued work that had been undertaken by the Improvement Boards in both Adult’s and Children’s Services and had been achieved even though an overspend was showing in Children’s Services of £2m.  Councillor Kaiser praised the Officers for all their hard work.

Councillor Kaiser also drew the Executive’s attention to the recommendations within the report and the fact that from a budget of £124.3m, £124.7m had been spent, which was less than a third of a percent increase, which he felt was very impressive.

Councillor Kaiser also highlighted that the general fund balance at year end was £9.1m which had improved by £0.3m from last year.  This represented a prudent level which was above the CIPFA recommendation for the minimum reserves. 

Members were advised that with regard to the 2020/2021 Revenue budget it was currently difficult to plan due to the considerable impact of Covid-19 and further information would be provided at a future meeting.

RESOLVED that:

1)        the outturn position of the revenue budget and the level of balances in respect of the General Fund, Housing Revenue Account, Schools Block and the Authority’s investment portfolio be noted;

2)        the General Fund carry forward requests of £2,734,399, as set out in Appendix B to the report, be agreed;

3)        the significant reduction in the overspend on the general fund revenue account achieved since the last report be noted; substantially this is a result of the continuous improvement work in the Adults Social Care and Customer and Localities directorates.