235 BCa/19/41 GENERAL FUND FINANCIAL MONITORING 2019/20 - QUARTER 3 PDF 320 KB
Cabinet Member for Finance
Decision:
It was RESOLVED:-
1.1 That, subject to any further budget variations that arise during the rest of the financial year, the surplus funds of £613k, referred to in section 5.8 of the report, be noted;
1.2 That, subject to any further variations that arise in business rates funding during the rest of the financial year, the shortfall in funds of £719k, referred to in section 5.9 of the report, be noted;
1.3 That, the forecast position for the 2019/20 Capital Programme, referred to in Appendix E and section 5.19 of the report, be noted.
Reason for Decision:To ensure that Members are kept informed of the current budgetary position for both General Fund Revenue and Capital.
Alternative Options Considered and Rejected: At this stage in the year, the financial posiiton is for noting only.
Any Declarations of Interests Declared: None
Any Dispensation Granted: None
Minutes:
The Cabinet Member for Finance introduced the report and moved the recommendations which were for noting. Members were reminded that the data for Quarter 2 was circulated but not debated due to cancelled meetings during the pre-election period. Councillor Ward highlighted the major variances detailed in the report. The recommendations were seconded by Councillor Malvisi.
In response to a query from Councillor Arthey regarding the implications of a reduction in the base rate, the Corporate Manager for Finance and Commissioning and Procurement advised that a reduction in this rate would provide a benefit to the Councils short-term borrowing arrangements.
Councillor Busby queried the effect which Covid-19 could have on the budget and asked if any amendments could be made to overcome any anticipated increase in costs. The Assistant Director for Environment and Commercial Partnerships advised that plans were in place to map potential income losses due to loss of staff through sickness.
Councillor Davis asked what measures were in place to assist people who may have difficulties in funding Council Tax payments due to Covid-19, particularly unemployed residents. The Assistant Director for Environment and Commercial Partnerships advised Members that information had recently been released regarding benefits available for self-employed individuals.
By a unanimous vote
It was RESOLVED:-
1.1 That, subject to any further budget variations that arise during the rest of the financial year, the surplus funds of £613k, referred to in section 5.8 of the report, be noted;
1.2 That, subject to any further variations that arise in business rates funding during the rest of the financial year, the shortfall in funds of £719k, referred to in section 5.9 of the report, be noted;
1.3 That, the forecast position for the 2019/20 Capital Programme, referred to in Appendix E and section 5.19 of the report, be noted.
Reason for Decision:To ensure that Members are kept informed of the current budgetary position for both General Fund Revenue and Capital.