Issue - meetings
Q2 Financial Report 2020/21
Meeting: 12/10/2020 - Cabinet (Item 13)
13 Q2 Financial Report 2020/21 
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This report presents the council’s current forecast of income and expenditure against the approved revenue budget for 2020/21.
Decision:
Cabinet RESOLVED to note the overall financial position and actions being taken to manage the issues highlighted, as outlined within the report.
Minutes:
The Deputy Leader and Cabinet Member for Resources, Councillor Margaret McLennan introduced the report which set out the Council’s current forecast of income and expenditure against the revenue budget for 2020/21 and other key financial data.. Cabinet noted the update provided in relation to the ongoing financial impact of Covid-19, which had resulted in a total forecast overspend of £9.6 million. It was hoped that the upcoming spending review by the Treasury would help to alleviate the pressures identified with the Council having also submitted its first claim for expenditure and loss of income due to Covid-19, totalling £6million.
In noting the financial position of the Council, Members highlighted the need for an information strategy to be developed to inform residents of the situation and the difficult financial decisions that would need to be taken in the future.
Cabinet RESOLVED to note the overall financial position and actions being taken to manage the issues highlighted, as outlined within the report.