Agenda item

Summary:

Options considered:

This report presents the provisional outturn position for the 2019/20 financial year which shows a General Fund underspend of £97,114. This includes a General Fund Net Operating overspend of £358,979 which includes a reduction in investment/borrowing interest of £124,683. There is a small deficit of £153,601 on the Collection Fund in respect of Council Tax. The total deficit of £512,580 has been offset by surplus Business rates income in respect of pilot gain of £609,694. It also provides an update in relation to the Council’s capital programme. Details are included within the report of the more significant year-end variances compared to the current budget for 2019/20. The report also makes recommendations for contributions to reserves.

The report provides a final budget monitoring position for the 2019/20 financial year. Whilst there are options available for funding the overspend in the year, the report makes recommendations that provide funding for ongoing commitments and future projects.

Conclusions:

The revenue outturn position as at 31 March 2020 shows an overall underspend of £97,114. The final position allows for £276,660 from budget and grant underspends to be rolled forward within Earmarked Reserves to fund ongoing and identified commitments for which no budget has been allocated in 2020/21. The position as reported will be used to inform the production of the statutory accounts which will then be subject to audit by the Council’s external auditors.

Recommendations:

Reasons for

Recommendations:

Members are asked to consider the report and recommend the following to Full Council:

a)  The provisional outturn position for the General Fund revenue account for 2019/20;

b)  The transfers to and from reserves as detailed within the report (and appendix C) along with the corresponding updates to the 2020/21 budget;

c) Allocate the surplus of £97,114 to the General Reserve;

d)  The financing of the 2019/20 capital programme as detailed within the report and at Appendix D;

e) The balance on the General Reserve of £2.404 million (after allocation of the underspend per recommendation c);

f)  The updated capital programme for 2020/21 to 2023/24 and scheme financing as outlined within the report and detailed at Appendix E;

g)  The outturn position in respect of the Prudential Indicators for 2019/20 as detailed in Appendix F and;

h) Agree the award of the new cleaning contract to Eco Cleen Services Ltd.

To approve the outturn position on the revenue and capital accounts that will be used to produce the statutory accounts for 2019/20.

Budget Monitoring Reports, NNDR returns

Cabinet Member(s):

Cllr Eric Seward

Ward(s) affected All