Issue - meetings

Draft 2019/20 Accounts update and budget monitoring 2020/21 -Council Financial Position

Meeting: 21/07/2020 - Executive (Item 41)

41 2019/20 Draft Final Accounts & Treasury Management - 2020/21 Budget Monitoring - Revenue & Capital , Treasury Management lending List pdf icon PDF 401 KB

Additional documents:


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)