Issue - meetings

Report of Chief Finance Officer

Lead Cabinet member: Councillor Zoe Nicholson

(Non-key decision):

To note the latest budget positions as set out in the report.

The Cabinet considered the report of the Chief Finance Officer, providing an update on the 2020/21 revenue budget and 2021/22 draft revenue budget.

The Cabinet budget update in September forecast a deficit of £4 million in the current financial year, with future deficits of between £2.8 million to £1.5 million (2021/22 to 2024/25), reflecting the impact of the pandemic in terms of lost income from fees and charges, delayed savings, additional direct costs and the financial support so far received from the government.

The latest position showed an improvement of £1.3 million in 20/21, due to reduction in costs and delivery of further savings.

The Council was awaiting further details from the Chancellor of the Exchequer’s spending review on November 25^th 2020 on whether it would help address the deficit faced by the council.

Policy and Performance Advisory Committee (PPAC), held on 30 November 2020, considered the report and were supportive of the recommendations in full. Vice Chair, Councillor Liz Boorman was in attendance to present PPAC’s discussion.

Resolved (Non-key decision):

To note the latest budget positions as set out in the report.

Reason for decisions:

To progress the budget setting process and update Cabinet on the background to this.