RESOLVED:

A. That Cabinet noted the financial reporting data for month 5, August 2020, relating to revenue budgetary control, showing a forecast net adverse variance at year-end of £15.954m.

B. That Cabinet noted the outcome of a review of the Capital Programme and the contents of Section 4 and Appendix 5B and approve the amendments to the Programme contained in the Table below:

C. That finance officers will continue to work with budget managers to identify further re-profiling and savings throughout the approved capital programme 2020-24.

D. That Cabinet approved a virement of £1,763k between heads of services within Community & Housing to align salaries budgets.

The Cabinet Member for Finance presented the report which set out the Council’s financial position for month five and thanked all staff involved in managing the budgets.  Actions were being taken to keep costs to the Council down in light of the overspend brought about by the actions the Council had to take to respond to the covid-19 pandemic and support residents.  Although the deficit had reduced, it was still at a high level and unless the Government properly funded the pandemic response undertaken by the Council on its behalf, significant savings would need to be found.

The Director of Corporate Services advised that the funding had been announced although it was not clear whether that was funding for current pandemic commitments or future commitments in the event of a second wave.  Figures would be updated for the next Cabinet meeting.  A process for residents on low income to apply for a subsistence grant in the event that they received a track and trace notification to self-isolate had gone live on the Council’s website.

The Chair advised that he was working with other London Leaders to continue to lobby the Government to properly fund the pandemic response.

RESOLVED:

A.           That Cabinet noted the financial reporting data for month 5, August 2020, relating to revenue budgetary control, showing a forecast net adverse variance at year-end of £15.954m.

B.           That Cabinet noted the outcome of a review of the Capital Programme and the contents of Section 4 and Appendix 5B and approve the amendments to the Programme contained in the Table below:

C.           That finance officers will continue to work with budget managers to identify further re-profiling and savings throughout the approved capital programme 2020-24.

D.           That Cabinet approved a virement of £1,763k between heads of services within Community & Housing to align salaries budgets.