Agenda item

Corporate Finance Performance Report Year End 2019/20 (Cab.10.6.2020/8)

Minutes:

RESOLVED:-

 

(i)        that the 2019/20 draft revenue final accounts position, as set out in the report now submitted, be noted;

 

(ii)       that the final position for the General Fund being an operational underspend of £6.9m, split between an operational underspend for Council Services of £6.0m and an operational underspend on Corporate budgets of £0.9m, as detailed in Section 5, be noted;

 

(iii)      that approval be given to £1.9m of the underspend be earmarked to support the Covid-19 Recovery Strategy with the remaining balance (£5.0m) being used to increase the Council’s General Fund Minimum Working Balance from £15m to £20m to offer further protection against the ongoing impact of Covid-19 and other future financial risks;

 

(iv)      that agreement be given to earmark the carry forward revenue resources as identified in Sections 3 and 6 and Appendix 1, subject to further reports being submitted for individual approvals where necessary;

 

(v)       that the final position of the Housing Revenue Account (HRA) being an operational underspend of £2.4m and approve that £0.6m of the balance be earmarked to support the Covid-19 Recovery, with the remaining balance (£1.8m) being used to increase the Minimum Working Balance of the HRA from £5.2m to £7m;

 

(vi)      that approval be given to the write off of historic bad debt totalling £2.1m being £1.9m General Fund and £0.2m HRA as detailed in Section 4 of the report; and

 

(vii)     that the expected impact of Covid-19 on the Council’s Financial Position be noted and that the Finance Recovery Strategy be identified and adopted.

Supporting documents:

 

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