Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
The Leader of the Council delegated authority to the Cabinet to make the following decisions:
1. Note the current general fund revenue outturn forecast at the end of the quarter 3 of 2020/21 of £64.7m overspend, after the inclusion of both anticipated and received Covid19 funding from the MHCLG of £41.9m;
2. Note that there are a number of risks totalling £31.8m that could materialise which would see the variance increase further. These are within services due to the current pandemic, potential impact from finalisation of the 2019/20 accounts and in relation to groups structures particularly around interest income from Brick by Brick. Should all of these risks crystalise the total forecast overspend would increase to £96.5m by the year end.
3. Note the details of the monthly Covid19 impact submissions being made to the MHCLG and the details of the financial support that is available to the council in light of Covid19 as outlined in section 6 of the report.
4. Note the work being undertaken by the Spending Control Panel and Finance Review Panel to reduce the overspend this financial year.
5. Note the HRA revenue position of a £0.5m forecast overspend against budget.
6. Note the revised capital outturn projection of £187m for the general fund and HRA is forecast to be an underspend of £117m against the revised budget.
Report author: Katherine Kerswell
Publication date: 02/03/2021
Date of decision: 01/03/2021
Decided at meeting: 01/03/2021 - Cabinet