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Financial Performance Report - Quarter 1

29/09/2020 - Financial Performance Report - Quarter 1

The Leader of the Council delegated authority to the Cabinet to make the following decisions:

 

RESOLVED: To

 

1.     Note the current general fund revenue outturn forecast at the end of the first quarter of 2020/21 of £49m overspend, after the inclusion of funding received from the MHCLG for Covid19.

 

2.     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.

 

3.     Note the work being undertaken by the Finance Review Panel to reduce the overspend this financial year and put in place savings for next financial year.

 

4.     Note the HRA revenue position of a £1.5m forecast overspend against budget.

 

5.     Note the revised capital outturn projection of £309m for the general fund and HRA, forecast to be an underspend of £8m against the revised budget and that most of the underspend in 2019/20 has not been slipped into 2020/21.

 

RESOLVED: To recommend to Council

 

1.     The approval of the revised capital programme as detailed in section 9 and table 8 of this report including the slippage from 2019/20, which reflects a substantial reduction in the original capital budget for 2020/21.