Issue - meetings

(i)       to note the positive cash position that has been achieved for the General Fund and HRA to the end of Quarter 3 as detailed in Appendix 1;

(ii)       to note the Common Good financial performance to the end of Quarter 3 as detailed in Appendix 3;

(iii)      to consider the General Fund position, as detailed in Appendix 2, and agree the actions recommended by the Chief Officer – Finance, in advice detailed at paragraph 3.20 of the report;

(iv)      to note that the revenue budget for the HRA is on target to achieve the approved budget, making a contribution to HRA reserves for 2020/21 as detailed in Appendix 2;

(v)      to note that the budget for the Common Good will be exceeded following additional contributions approved by the Urgent Business Committees on 6 May and 30 June 2020. Noting that cash balances forecast for the year remain in line with recommended levels, detailed in Appendix 2; and

(vi)      to note that the capital expenditure (General Fund and Housing) for the year is going to be significantly lower than budget, for the reasons described in Appendix 2; and that project budgets will have to be carried forward into 2021/22.

With reference to article 8 of the minute of the previous meeting of 28 October 2020, the Committee had before it a report by the Director of Resources which provided the financial position of the Council as at Quarter 3 (31 December 2020) and the full year forecast position for the financial year 2020/21, including:-

·       General Fund and Housing Revenue Account (HRA) and capital accounts and associated Balance Sheet; and

·       Common Good revenue account and Balance Sheet.

The report recommended:-

that the Committee –

(a)      note the positive cash position that has been achieved for the General Fund and HRA to the end of Quarter 3 as detailed in Appendix 1;

(b)      note the Common Good financial performance to the end of Quarter 3 as detailed in Appendix 3;

(c)      consider the General Fund position, as detailed in Appendix 2, and agree the actions recommended by the Chief Officer – Finance, in advice detailed at paragraph 3.20 of the report;

(d)      note that the revenue budget for the HRA is on target to achieve the approved budget, making a contribution to HRA reserves for 2020/21 as detailed in Appendix 2;

(e)      note that the budget for the Common Good will be exceeded following additional contributions approved by the Urgent Business Committees on 6 May and 30 June 2020. Noting that cash balances forecast for the year remain in line with recommended levels, detailed in Appendix 2; and

(f)       note that the capital expenditure (General Fund and Housing) for the year is going to be significantly lower than budget, for the reasons described in Appendix 2; and that project budgets will have to be carried forward into 2021/22.

The Committee resolved:-

(i)       to approve the recommendations; and

(i)              to thank the Chief Officer – Finance and all other officers who contributed in the preparation the report.