Issue - meetings

To consider Report No. FIN2012 (copy attached), which sets out the Council’s anticipated financial position for 2019/20, based on the monitoring exercise carried out during February, 2020.

The Cabinet received Report No. FIN2012, which set out the anticipated financial position for 2019/20, based on the monitoring exercise carried out during February, 2020. The Report highlighted that the need for savings or income generation of around £3,931,000 had been identified in the original budget but that £3,364,000 of net cost reductions had been identified and built into the approved budget during the year to date. This left a current approved budget savings target of £970,000 and an outturn target of £114,000. It was reported that the forecast position on the General Fund risk-based balance was likely to be maintained at £2 million, which was at the top of the range set out in the Medium Term Financial Strategy. It was noted that the impact of Covid-19 on the Council’s financial position would be significant and the Council would be seeking to mitigate these risks.

The Cabinet NOTED the latest Revenue Budget monitoring position, as set out in Report No. FIN2012.