Decision details

(Report of Chief Executive, Director of Finance and Transformation, Leader of the Council and Cabinet Member for Finance, Innovation and Property)

In accordance with the Borough Council’s Financial Procedure Rules, consideration was given to information detailing actual Revenue and Capital Outturn for the year ended 31 March 2020. Subsequent adjustments made in light of the Outturn position were also considered.

The Cabinet resolved that:

(1)             the Revenue and Capital Outturn for the year 2019-20 be noted and endorsed;

(2)             the action taken following a review of specific earmarked reserves (the establishment of a Reorientation/Post Emergency reserve and the transfer to the Invest to Save reserve), as set out in paragraph 1.2.3 of the report, be noted and endorsed;

(3)             the Treasury Management and Investment Strategy Review 2019-20 (as set out in Annex 4 to the report) be noted and endorsed; and

(4)             as a result of the Covid-19 pandemic, the significant impact on the Borough Council’s reserve balances and the resulting adverse impact on the scale and timing of the savings and transformation contributions required be noted.