Agenda item

The Business Manager - Financial Services presented a report which compared the Revised Budgets with the Projected Outturn forecast for the period ending 31 March 2021. The forecast was based on four months performance information on the Council’s revenue and capital budgets including the General Fund Revenue, HRA and Capital Programme. The accounts showed a projected unfavourable variance against the revised budget of £1.310m on service budgets, with an overall unfavourable variance of £1.174m. Appendix A to the report detailed the variances in service areas and other budgets.

It was reported that the Council had received £1.483m funding from the Government for additional costs as a result of Covid-19. Appendix B to the report detailed the current allocation of that budget to specific expenditure. The report also summarised the position for the Capital Programme up to the end of July 2020. Additions and amendments to the Programme were detailed in Appendix C to the report. The Business Manager - Financial Services advised that an additional £94,000 was to be added to the Capital Programme which was fully funded by the Safer Streets fund for works around bike storage and anti-social behaviour measures around Chatham Court in Newark.

AGREED (unanimously) that:

(a)      the General Fund projected unfavourable outturn variance of between £0.574m and £0.774m be noted;

(b)   the Housing Revenue Account projected favourable outturn variance of £1.564m be noted;

(c)      the variations to the Capital Programme at Appendix D be approved; and

(d)     the Capital Programme projected outturn and financing of £56.663m be noted.

Reason for Decision

To update Members with the forecast outturn position for the 2020/21 financial year.