Issue - meetings

During 2019/20 budget monitoring reports have informed members of budget variations and the anticipated year-end financial position.  This report contains the final position for the year and compares this outturn position against the budgets set.

The Finance Manager presented his report which stated that during 2019/20 budget monitoring reports had informed members of budget variations and the anticipated year-end financial position. The report contained the final position for the year and compared the outturn position against the budgets set. It outlined the implications of the results on the Council’s reserves and made recommendations on any reserve transfers. The Council’s Unaudited Accounts were issued on 17 August 2020 and published on the Council’s website, it was anticipated the Audited Accounts would be issued prior to the amended publishing date 30 November 2020.

RECOMMENDED that Cabinet recommend to Council;

1.     To agree the outturn position for 2019/20 including the implications and proposals relating to the Balances and Reserves held by the Council, and

2.     specially agree that £2m was transferred from the General Fund Balance to create a new Reserve (MTFP Risk Reserve) and the General Fund Balance was then retained at £4.395m as detailed in 2.7 of the report.

REASON:

To report the outturn position for the Council’s approved budgets for the General Fund, Housing Revenue Account and Capital Expenditure. The financial position aligned to the Council’s Statement of Accounts but the position in the report was presented in a style that accords to the budget setting and monitoring reports that members receive. Members were asked to note the variations from the budgets identified within the report and consider the final position. It was appropriate at this stage to reflect on the reserves and balances held by the Council and determine if these were the right reserves at the right levels.