Agenda item
General Fund Revenue Budget Summary
- Meeting of Cabinet, Tuesday, 17th December, 2019 10.30 am (Item 82.)
- View the background to item 82.
Decision:
*RESOLVED –
1. That the updated budget projections for 2019/20 and future years, as detailed in appendix A of the officer’s report, be noted.
2. That work to refine the draft estimates and to identify further budget saving proposals be continued.
3. That the proposed use of the Markham Vale Enterprise Zone business rates rebate, as outlined in paragraphs 5.5 and 5.6 of the officer’s report, be approved.
REASON FOR DECISIONS
To keep Members informed on the development of the budget proposals for 2020/21 and to provide an update on the medium term financial forecasts.
Minutes:
The Acting Chief Finance Officer submitted a report to update members on the development of the General Fund Revenue Budget Summary for 2020/21 and future years.
The latest revised budget for 2019/20 showed a projected surplus of £75k. The report attributed this to increased rental income from the Town Hall and savings with regards to the review of the Insurance Fund, trading accounts and staffing efficiencies.
The report provided an update on the Medium Term Financial Forecast. The latest projected deficit for 2020/21 was £242k, increasing to £876k by 2024/25. The future forecasts were dependant on core trading income streams remaining consistent including income from car parks, leisure, business rents and income from the theatres.
The Acting Chief Finance Officer advised that, in advance of the final budget for 2019/20 being agreed by full Council on 26 February, 2020, work would be undertaken between Cabinet Members and the Corporate Management Team to continue to identify further savings and income generation proposals.
*RESOLVED –
1. That the updated budget projections for 2019/20 and future years, as detailed in appendix A of the officer’s report, be noted.
2. That work to refine the draft estimates and to identify further budget saving proposals be continued.
3. That the proposed use of the Markham Vale Enterprise Zone business rates rebate, as outlined in paragraphs 5.5 and 5.6 of the officer’s report, be approved.
REASON FOR DECISIONS
To keep Members informed on the development of the budget proposals for 2020/21 and to provide an update on the medium term financial forecasts.
Supporting documents:
PDF 97 KB