To consider the report of the Cabinet Member for Finance and Income Generation detailing the revenue and capital financial monitoring for the period to the end of December 2020.
DECISION MADE: (CAB 20/21 31166)
On consideration of the report of the Cabinet Member for Finance and Income Generation, Cabinet agreed the following:-
General Revenue Fund
i) Note the forecast outturn position for business as usual activities is a £4.59M surplus after applying corporate funds, as outlined in paragraph 4 and in paragraph 1 of appendix 1.
ii) Note the performance of treasury management, and financial outlook in paragraphs 11 to 15 of appendix 1.
iii) Note the Key Financial Risk Register as detailed in paragraph 18 of appendix 1.
iv) Note the performance against the financial health indicators detailed in paragraphs 22 and 23 of appendix 1.
v) Note the performance outlined in the Collection Fund Statement detailed in paragraphs 27 to 32 of appendix 1.
vi) Notes the financial position arising from COVID-19, as outlined in paragraphs 4 to 9 of Appendix 1.
Housing Revenue Account
vii) Note the forecast outturn position on business as usual activities is a surplus of £0.18M as outlined in paragraph 5 and paragraphs 24 and 25 of appendix 1.
viii) Notes the financial position arising from COVID-19, as outlined in paragraph 26 of Appendix 1.
ix) Notes the revised General Fund Capital Programme, which totals £661.70M as detailed in paragraph 1 of appendix 2.
x) Notes the HRA Capital Programme is £212.17M as detailed in paragraph 1 of appendix 2.
xi) Notes that the overall forecast position for 2020/21 at quarter 3 is £122.94M, resulting in a potential surplus of £58.30M, as detailed in paragraphs 4 and 5 of appendix 2.
xii) Notes that the capital programme remains fully funded up to 2024/25 based on the latest forecast of available resources although the forecast can be subject to change; most notably regarding the value and timing of anticipated capital receipts and the use of prudent assumptions of future government grants to be received.
xiii) Notes that £5.84M has been added to the programme with relevant approvals. These changes are detailed in annex 2.1 to appendix 2.
xiv) Approves slippage and rephasing as detailed in paragraph 2 and 3 of appendix 2. Noting that the movement has zero net movement over the 5-year programme.
xv) Notes changes to the capital programme arising from COVID-19 as detailed in paragraphs 6 and 7 of appendix 2.