Agenda item

RESOLVED –

That Cabinet recommend to Full Council that:

1.   The financial performance in the first quarter of the financial year 2019/20, as set out in section 4 of the officer’s report, be noted.

2.   The new medium term forecast, as detailed in section 6 of the officer’s report, be noted.

3.   The proposed changes to the medium term forecast, as outlined in section 6 of the officer’s report, be approved.

4.   The growth request, as outlined in paragraph 4.3 of the officer’s report, be approved.

5.   The reserves position, as outlined in section 5 of the officer’s report, be noted.

6.   The updated capital programme, as outlined in section 7 of the officer’s report, be noted.

7.   The additions to the capital programme detailed in paragraph 7.2 of the officer’s report, be approved.

8.   The proposed financing arrangements for the capital programme, as detailed in paragraph 7.3 of the officer’s report, be approved.

9.   The position of the Housing Revenue Account budgets, included in section 8 of the officer’s report, be noted.

REASON FOR DECISIONS

To actively manage the council’s finances in the current financial year, and forecast forward the emerging budget position to future financial years.

The Acting Chief Finance Officer submitted a report to update members on the council’s budget position for 2019/20, covering the General Fund Revenue Budget, General Fund Capital Programme and Housing Revenue Account.

An updated General Fund Revenue Budget forecast as at the end of quarter 1 of the financial year 2019/20 was included within section 4 of the officer’s report. This showed that there was now forecast a small increase in the deficit for 2019/20 from £202k to £203k as a consequence of variances to income and expenditure.

Detailed information on the council’s reserves and the medium term outlook was provided in sections 5 and 6 of the officer’s report.

RESOLVED –

That Cabinet recommend to Full Council that:

1.   The financial performance in the first quarter of the financial year 2019/20, as set out in section 4 of the officer’s report, be noted.

2.   The new medium term forecast, as detailed in section 6 of the officer’s report, be noted.

3.   The proposed changes to the medium term forecast, as outlined in section 6 of the officer’s report, be approved.

4.   The growth request, as outlined in paragraph 4.3 of the officer’s report, be approved.

5.   The reserves position, as outlined in section 5 of the officer’s report, be noted.

6.   The updated capital programme, as outlined in section 7 of the officer’s report, be noted.

7.   The additions to the capital programme detailed in paragraph 7.2 of the officer’s report, be approved.

8.   The proposed financing arrangements for the capital programme, as detailed in paragraph 7.3 of the officer’s report, be approved.

9.   The position of the Housing Revenue Account budgets, included in section 8 of the officer’s report, be noted.

REASON FOR DECISIONS

To actively manage the council’s finances in the current financial year, and forecast forward the emerging budget position to future financial years.