Issue - meetings

A report from the Executive Director Resources is attached. (Key decision – reference number 5325)

Councillor Mary Maguire (Cabinet Member for Finance & Procurement) introduced the report of the Executive Director Resources setting out the Council’s outturn position for 2020/21.

NOTED

1.    The revenue outturn was reporting a balanced budget and strengthened financial position despite the uncertainty created by the Covid-19 pandemic.

2.    The Council had acted early to manage the financial impact of the pandemic.

3.    Uncertainty continued, in particular from the unknown financial legacy of Covid-19 and around long-term funding of local government, and the Council must remain vigilant.

4.    Officers were thanked for their hard work on budget responsibility.

Alternative Options Considered: 

Not relevant in the context of this report.

DECISION:  The Cabinet agreed to

1.  Note the positive impact the Council’s early actions to respond the financial impact of the pandemic has had on strengthening the Council’s finances.

2.  Note the General Fund and Dedicated Schools Grant (DSG) revenue outturn position for 2020/21.

3.  Note the balanced position and strengthened reserves as at outturn.

4.  Note the costs of Covid-19 and compensating government grant support received during 2020/21.

5.  Note the progress made on the journey to setting a robust and resilient budget.

6.  Note the level of reserves as at 31st March 2021 have been strengthened, providing resilience for the anticipated enduring financial impact of Covid-19 and ongoing uncertain funding levels.

Reason: 

To ensure that members are aware of the outturn position, including the level of reserves for the authority, including all major variances which are contributing to the outturn position and the mitigating actions taken to manage the financial position for 2020/21.

(Key decision – reference number 5325)