Agenda item

*RESOLVED –

1.    That the updated budget projections for 2020/21 and future years, as detailed in Appendix A of the officer’s report, recognising the difficulty of producing accurate estimates in the current climate and the continued risks associated with these budget estimates, be noted.

2.    That work continues to refine the draft estimates for 2020/21 and future years and to develop budget saving proposals to address the forecast deficits from 2021/22.

3.    That the changes to budget assumptions outlined in paragraph 7.3 of the officer’s report be approved.

REASON FOR DECISIONS

To keep Members informed about the council’s current financial standing, the budget estimates for 2020/21 and 2021/22 and the latest medium term financial forecasts.

The Acting Chief Finance Officer submitted a report to update members on the development of the General Fund Revenue Budget Summary for 2021/22 and future years.

The latest revised budget for 2020/21 showed a projected deficit of £165k. The report attributed the deficit largely to the impact of the Covid-19 pandemic on the Council’s main income streams, notably the sports centres, car parks and venues.

The Acting Chief Finance Officer reported that the Council had made good use of various Government Covid-19 reliefs and grant schemes including the furlough scheme, compensation for lost sales fees and charges income and the cultural recovery grants scheme.

The report also provided an update on the Medium Term Financial Forecast. The latest projected deficit for 2021/22 was £40k, which increased to £183k by 2025/26. The deficit position for 2021/22 assumed savings from the ICT Digital Innovation Programme and that the Council’s core trading income streams would be sustained at estimated levels.

The Acting Chief Finance Officer advised that, in advance of the final General Fund Revenue Budget Summary report for 2020/21 being agreed by Full Council on 24 February, 2021, work would be undertaken between Cabinet Members and the Corporate Leadership Team to identify further savings and income generation proposals.

*RESOLVED –

1.    That the updated budget projections for 2020/21 and future years, as detailed in Appendix A of the officer’s report, recognising the difficulty of producing accurate estimates in the current climate and the continued risks associated with these budget estimates, be noted.

2.    That work continues to refine the draft estimates for 2020/21 and future years and to develop budget saving proposals to address the forecast deficits from 2021/22.

3.    That the changes to budget assumptions outlined in paragraph 7.3 of the officer’s report be approved.

REASON FOR DECISIONS

To keep Members informed about the council’s current financial standing, the budget estimates for 2020/21 and 2021/22 and the latest medium term financial forecasts.