Issue - meetings

Members considered a report setting out the final budget outturn position for revenue and capital in 2019/20.  The report also requested approval for a transfer to General Fund working balances, a request for approval to enter into a grant agreement, and a capital budget amendment for 2020/2021.

The Business Support Team Leader introduced the report and firstly advised of a typographical error with recommendation K, advising Committee it should read as follows: -

“Due to Covid-19 financial impacts, a revised budget for the year 20/21 and a mid-year review of the medium term financial plan will be presented to the November meeting of this committee.”

This was the final outturn report for 2019/20, following the closure of accounts. In relation to revenue, the final position is a surplus of £1.385m, with approval requested for a movement to general fund balances of £817,000. This brought the general fund working balance to £4.234m at year-end.

The final outturn position was an increase of £5,000 from that reported at period 4 – and details of the movements from period 4 to the final position were included in the report at section 2.2.

The final movement to general fund, after carry forwards, was £815,000 and a transfer to valuation volatility reserve of £568,000, which increased the balance of that reserve to 8% of our investment portfolio purchase price.

With regard to capital expenditure the outturn position remained unchanged from the quarter 4 position at £18.029m, after carry forwards of £4.654m.

Members were also asked to approve entering into a grant agreement with the Police and Crime Commissioner for Lincolnshire for the delivery of CCTV upgrades funded by the Safer Streets Fund, detailed at section 3.1. A further report for budget approval would be submitted to committee for budget approval once grant funds have been secured.

Members were also asked to approve a maximum capital budget of £428,000 as grant funding towards the Riverside Walk/Bowling Green land scheme funded from S106, detailed at section 3.2.

Finally Section 7 of the report provided Members with an update on the Council’s response to Covid-19 and the potential financial pressures that this was likely to have on our resources. The financials contained within the report were based on estimates and assumptions made at the end of April 2020.

Before opening the matter for the debate the Leader placed on record his thanks to the Finance Team.  They had been 7^th Authority in the whole country to submit their statement of accounts and the first in Lincolnshire. 

Debate ensued and in response to Members’ questions, it was confirmed that the Leisure Contract Staffing costs listed in Appendix 3, were a West Lindsey risk and were borne out of the authority covering the cost of two employees, referred to earlier in the meeting.   It was further confirmed that the actual cost was £60k, the 78K having being an original estimate.

Explanation was also offered in respect of Covid capital impacts, with Officers explaining that some Officer time was specifically  ...  view the full minutes text for item 6