Issue - meetings

The report:

-          brings together information on three key budget areas – salaries, major operational income streams and investment income.  The performance of the key budget areas, together with approved variations to the revenue budget and areas identified through revenue budget monitoring are then summarised to provide an indicative overall budget position for the year;

-          details the impact of the Covid-19 pandemic on the Council’s finances and the scale of the potential longer term impact on the Medium Term Financial Strategy and Savings and Transformation Strategy and, in turn, savings and transformation contributions required to balance the budget; and

-          updates Members on capital expenditure and variations that have been agreed in relation to the capital plan.

(Report of Director of Finance and Transformation)

The report provided information on the performance of the three key budget areas of salaries, major operational income streams and investment income, together with details of approved variations to the revenue budget and areas identified through revenue budget monitoring and summarised an indicative overall budget position for the year.  Details of the impact the Covid-19 pandemic had had on the Council’s finances, the scale of the potential longer term impact on the Medium Term Financial Strategy and, in turn, the savings and transformation contributions required to balance the budget, were provided.  Additionally, the report provided an update on capital expenditure and variations agreed in relation to the capital plan. 

Following consideration by the Finance, Innovation and Property Advisory Board, the Cabinet Member for Finance, Innovation and Property resolved that:

(1)                                        it be noted that the financial impact of the Covid-19 pandemic is such that unless there are further significant tranches of funding provided by the Government some significant decisions will need to be made if the integrity of the MTFS is to be maintained and financial sustainability is not to be placed at risk;

(2)                                        the progress made in meeting both the one-off savings target of £500,000 and ongoing savings target of £100,000 be noted; and

(3)                                        the intention to bring a draft revision of the Savings and Transformation Strategy to Cabinet in the Autumn be noted. 

Decision Notice D200059MEM

The report of the Director of Finance and Transformation provided information on the performance of the three key budget areas of salaries, major operational income streams and investment income, together with details of approved variations to the revenue budget and areas identified through revenue budget monitoring and summarised an indicative overall budget position for the year.  Details of the impact the Covid-19 pandemic had had on the Council’s finances, the scale of the potential longer term impact on the Medium Term Financial Strategy and, in turn, the savings and transformation contributions required to balance the budget, were provided.  Additionally, the report provided an update on capital expenditure and variations agreed in relation to the capital plan. 

RECOMMENDED: That

(1)                it be noted that the financial impact of the Covid-19 pandemic is such that unless there are further significant tranches of funding provided by the Government some significant decisions will need to be made if the integrity of the MTFS is to be maintained and financial sustainability is not to be placed at risk;

(2)                the progress made in meeting both the one-off savings target of £500,000 and ongoing savings target of £100,000 be noted; and

(3)                the intention to bring a draft revision of the Savings and Transformation Strategy to Cabinet in the Autumn be noted.