Issue - meetings

Quarter 1 Financial Report 2020/21

Meeting: 20/07/2020 - Cabinet (Item 15)

15 Quarter 1 Financial Report 2020/21 pdf icon PDF 168 KB

This report sets out the current forecasts of income and expenditure against the budget for 2020/21 and other key financial data.

Decision:

Cabinet RESOLVED to note the overall financial position and the actions being taken to manage the issues arising, as outlined at the meeting and detailed within the report.

Minutes:

Councillor McLennan (Deputy Leader and Lead Member for Resources) introduced the report, which detailed the current forecast of income and expenditure against the revenue budget for 2020/21 and other key financial data.  Excluding the impact of Covid-19 the Council was currently forecasting an overspend of £0.9m on the General Fund, which related to Children & Young People. The overspend within Children and Young People had been due to a number of complex cases involving the placements of older children into care. The Cabinet were assured that the department was working hard to alleviate the overspend.

 

Whilst presenting the financial position for Q1 Councillor McLennan emphasised the change to the financial position in light of COVID-19, which would be further detailed in subsequent reports.

 

Cabinet noted that the third tranche of government funding referred to in the report, had now been allocated, with the authority receiving £3.4 million for a total government contribution of £21.8 million.

 

It was RESOLVED that Cabinet note the overall financial position and the actions being taken to manage the issues arising as outlined at the meeting and detailed within the report.