RESOLVED:

A.        Thatthefinancialreportingdatafor month 7, October2020,relatingto revenuebudgetarycontrol,showinga forecastnet adverse varianceat year-endof £8.2m be noted.

B.        That the contents of section 4 of the report be noted and the adjustments to the Capital Programme in Appendix 5b be approved.

That the contents of Section 4 and Appendix 5b of the report be noted and the amendments to the Programme contained in the Table below be approved:

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 £129,000 from the Outstanding Council Programme Board (OCPB) Reserve as part of the Recovery and Modernisation Programme - for an interim CSF Change Programme Manager (£79,000) and MVSC transformational resource (£50,000) be approved. This is in addition to £40,000 already drawn down from the same reserve to fund an external IT review.

The Cabinet Member for Finance presented the report which set out the Council’s financial monitoring information for month 7, thanking officers for their efforts in controlling the budgets and highlighting the key issues for Cabinet’s consideration.  The forecast net adverse variance had reduced slightly due to the receipt of £3.6m of funding from the Government, which was welcomed although the net cost of Covid was still £12.5m and therefore it was important to keep pressing for full reimbursement from the Government.  Another area of concern was the Dedicated Schools Grant and the Government needed to properly fund this also.  It was clear that the pandemic had impacted most areas of the Council and this would need to be closely monitored in light of ongoing uncertainty.

The Director of Corporate Services advised that there had been adverse variances, particularly in Environment and Regeneration, and there could be further implications for income streams depending on what tiers the Borough was placed in by the Government.  Officers were in the process of making their claim for this and the results would likely be known in February.

RESOLVED:

A.        Thatthefinancialreportingdatafor month 7, October2020,relatingto revenuebudgetarycontrol,showinga forecastnet adverse varianceat year-endof £8.2m be noted.

B.        That the contents of section 4 of the report be noted and the adjustments to the Capital Programme in Appendix 5b be approved.

That the contents of Section 4 and Appendix 5b of the report be noted and the amendments to the Programme contained in the Table below be approved:

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 £129,000 from the Outstanding Council Programme Board (OCPB) Reserve as part of the Recovery and Modernisation Programme - for an interim CSF Change Programme Manager (£79,000) and MVSC transformational resource (£50,000) be approved. This is in addition to £40,000 already drawn down from  ...  view the full minutes text for item 6