The Portfolio Holder for Corporate Resources presented report which considered the 2019/20 draft final revenue results including the draft closing general reserves and to bring the 2019/20 draft final capital and updated ongoing programme for members’ approval. He brought Members attention to the budget gap of £6.9 million for 2020/21 due to loss of fees and charges as a result of COVID 19.
The Chief Finance Officer advised that Central Government had announced a measure of packages to support local government and the Council would receive just over £200,000 from a spending pressure budget allocation totalling £500 million. A scheme to help fund income losses from sales and fees and charges had been announced in more detail which allowed the Council to claim 75% of losses if the loss from the income stream had been greater than 5%. The Council would suffer the first 5% loss and Government would fund 75% of the remaining 95%. The detail still needed to be worked through but this could produce further funding of over £4.25 million for 2020/21. Rents and investment income were excluded from the support as was income from Council tax and business rates which could be recovered over a three year period.
(1) the draft revenue results be noted;
(2) approve the draft year end capital and updated programme as shown at appendix 1 be approved;
(3) the updated lending list as shown at appendix 2 be noted; and
RECOMMENDED that Council:-
(4) the draft treasury management results for 2019/20 at appendix 3 are noted.
(The vote was unanimous)