Issue - meetings

Overview of Revenue Budget

Meeting: 07/07/2020 - Executive (Item 69)

69 Overview of General Fund Revenue Budget 2019/20 PDF 421 KB

To consider the report of the Chief Finance Officer.

Additional documents:

Decision:

Agreed

RECOMMENDED that Council notes and approves (where applicable):-

(1) the net transfer of £717,309 from Earmarked Reserves as detailed in paragraph 8.11 of the report presented to the meeting;

(2) the supplementary budgets of £1,198,960 and budget transfers as detailed in paragraph 8.13 of the report presented to the meeting;

(3) the Earmarked Reserves at 31 March 2020;

(4) the Council Tax account and collection rate;

(5) the outstanding sundry debt, aged debt analysis and debt write-off figures;

(6) the creditors payment; and

(7) the General Fund working balance of £5,856,249 at 31 March 2020.

Reason for Decision:

As set out in the report.

Minutes:

The Executive received the report on the overall financial position of the General Fund Revenue Budgets for the 2019/20 financial year, which sought approval for the General Fund working balance, a number of supplementary budgets and the creation of a new earmarked reserve.

Members noted:-

· the transfer back to the General Fund Balance of £1.5 million instead of taking £780,000 from the General Fund Balance as had been reported in quarter three;

· the removal of £1.6 million of revenue contributions to capital and replaced with financing through capital receipts;

· the offsetting of statutory repayment of debt against voluntary repayments made in in previous years;

· the improved gain on the Devon Business Rates Pool;

· an increase in bad debt provision.

· transfer from earmarked reserve of £717,000 and transfer of a number of reserves into a single Earmarked Reserve 2020/21 budget to protect the Council’s financial position; and

· supplementary budgets totalling £1,198,960 to be added to the 2020/21 budget, these budgets to be financed from Earmarked Reserves of £1,143,440, CIL Administration of £75,000 and the General Fund Working Balance of £118,520, offset by a reduced amount being taken from Neighbourhood CIL. The impact on the projected General Fund Working Balance would be to reduce it to £5,737,729, above the minimum requirement for the Council. Supplementary budgets of £331,670 were proposed but would be held pending certainty over the Council’s financial position.