Agenda item

The Cabinet Member with Responsibility for Finance (who is also the Leader of the Council) introduced this financial monitoring report up to month 4 and also looked to the future. The situation was broadly in balance with just a small overspend of £1million. The Leader paid tribute to the Government who had stood behind Local Authorities and provided the necessary resources to manage the pandemic and help support recovery. The Council was in robust financial health.

RESOLVED that Cabinet:

(a)       endorsed the conclusions of the Cabinet Member with Responsibility for Finance, concerning revenue budget monitoring up to 31 July 2021;

(b)       approved that the underspend on treasury costs set out at paragraph 42 totalling £5 million is transferred to the Financial Risk Reserve

(c)       noted the financial impact and forecast for COVID-19 expenditure;

(d)       noted the current progress regarding savings plans approved by Council in February 2021; and

(e)       noted the report on borrowing and lending transactions during 2020/21 detailed in paragraphs 55-56and Appendix 7.