[Report of the Director of Finance. To be introduced by Cabinet Member for Finance and Strategic Regeneration]
The report will provide an update on the Quarter 2 budget monitoring and will seek approval for any revenue or capital budget changes required to respond to the changing financial scenario and the delivery of the MTFS.
Minutes:
The Cabinet Member for Finance and Strategic Regeneration provided an update on Medium Term Financial plan for 2020/21.The budget monitoring report covered the position at Quarter 2 (Period 6) of the 2020/21 financial year including General Fund (GF) Revenue, Capital, Housing Revenue Account (HRA) and Dedicated Schools Grant (DSG) budgets. The report focused on significant budget variances, including those arising as a result of the forecast non-achievement of Cabinet approved MTFS savings but more significantly, the impact that Covid-19 was forecast to have on the Council’s financial plans.
In response to questions from Councillor Dennison
RESOLVED
Reason for Decision
A strong financial management framework, including oversight by Members and senior management, is an essential part of delivering the Council’s priorities and statutory duties. This is made more critically important than ever as a result of the severe financial duress placed on the Council by the Covid-19 crisis.
COVID-19 affects everything local authorities do – as community leaders, public health authorities, education authorities, employers, partners and service deliverers. The Leader, Cabinet and its officers continue to need to focus on responding to the crisis while ensuring normal critical services are provided.
Alternative Options Considered
The report of the management of the Council’s financial resources is a key part of the role of the Director of Finance (Section 151 Officer) in helping members to exercise their role and no other options have therefore been considered.
Supporting documents: