Agenda item

Budget Monitoring 2020/21 Period 10

Summary:

 

 

 

 

Options considered:

This report summarises the budget monitoring position for the revenue account and capital programme to the end of January 2021. The report also provides an update on the financial impact of Covid-19 on the Council’s Financialposition.

 

Not applicable.

Conclusions:

The overall position at the end of January 2021 shows an £8,443,191 underspend for the current financial year on the revenue account, this is however currently expected to deliver a full year overspend of £164,729 which, as per the previous COVID update, is to be funded from the General Fund reserve if required.

Recommendations:

 

 

 

 

 

 

 

Reasons for Recommendations:

It is recommended that Cabinet:

 

1)    note the contents of the report and the current budget monitoringposition;

2)    agree to fund any deficit from the General Fund reserve at the year-end ifrequired

3)    Approve the capital programme funding as identified fromreserves.

 

To update Members on the current budget monitoring position for the Council.

 

  LIST OF BACKGROUND PAPERS AS REQUIRED BY LAW

(Papers relied on the write the report and which do not contain exempt information)

Text Box: System budget monitoring reports

 

 

Cabinet Member(s) Cllr Eric Seward

Ward(s) affected

 

Contact Officer, telephone number and email: Duncan Ellis, 01263 516330, Duncan.ellis@north-norfolk.gov.uk

 

 

Decision:

DECISION

Resolved to:

 

1)     note the contents of the report and the current budget monitoringposition;

2)     agree to fund any deficit from the General Fund reserve at the year-end ifrequired

3)     Approve the capital programme funding as identified fromreserves.

 

Minutes:

The Director for Resources introduced this item. He explained that the report summarised the budget monitoring position for the revenue account and capital programme to the end of January 2021. The report also provided an update on the financial impact of Covid-19 on the Council’s financial position.

 

He said that the revenue budget was showing an estimated full year overspend for the current financial year of £164,729 and it was anticipated that the overall budget for the current year would be achieved. It was proposed that the deficit would be funded from the General Fund reserve, if required. The Director of Resources went onto say that the Council had submitted a fees and charges support claim for £750,000 which included the loss of car parking income.

 

On a positive note, he said that investment income had held up well in recent months.  In addition, the Government had provided the funding for Covid support grant payments in advance and this had meant that in excess of £60m had been received to finance the grant scheme. Consequently, the Council had not had to borrow to finance projects such as the Splash Leisure Centre and the purchase of additional waste vehicles, as there had been the cashflow available. This meant that the interest that would have been paid on the additional borrowing had been saved.

 

It was proposed by Cllr E Seward, seconded by Cllr J Toye and

 

Resolved to:

 

1)     note the contents of the report and the current budget monitoringposition;

2)     agree to fund any deficit from the General Fund reserve at the year-end ifrequired

3)     Approve the capital programme funding as identified fromreserves.

 

Supporting documents: