Issue - meetings

Members considered a report setting out the revenue, capital and treasury management activity from 1 April to 30 September 2020.

The highlights from the report were as follows:

·         In relation to the outturn position for ‘business as usual’ revenue budgets, i.e. not related to Covid-19, the forecast contribution to reserves was £905,000, excluding a forecast underspend of £326,000 proposed to be carried forward;

·         £1.531 million had been received in grant income to cover additional expenditure incurred.  There was also funding assistance from government to the amount of £0.55 million.  Based on current forecasting of the impact of Covid 19 on budgets, the authority needed to absorb a pressure of £0.448 million;

·         The net contribution to general fund balances including money carried forward was forecast at £0.783 million, bringing the balance of the general fund at the end of the year to £4.624 million;

·         The forecasted capital outturn position was a variance of £14.023 million;

·         Total investments as of the end of September were £19.122 million achieving an average interest rate of 0.842%;

·         It was proposed to approve the use of earmarked reserves of £80,000 from investment for growth for legal and consultancy spends for growth projects;

·         Fees and charges were proposed to be amended for the crematorium, street naming and numbering, and the Trinity Arts Centre.  The Trinity Arts Centre was successful in a £197,000 bid to the Treasury’s Cultural Recovery Fund, and Members were being asked to approve the budgets and expenditure related to the bid monies.

Note:   Councillor David Cotton again declared a personal interest as fees and charges involving the crematorium were being considered; he performed ministerial duties at the crematorium.  This personal interest did not preclude him from speaking, or voting on this item.

Thanks were extended to Finance staff involved in this paper for their work during the panedemic.

The paper was moved, seconded, and it was unanimously RESOLVED to:

(1)   Accept the forecast out-turn position of a £905k net contribution to reserves as at 30th September 2020 (see Section 2) relating to business as usual activity.

(2)  Approve the use of Earmarked Reserves (2.4.1 of the report).

(3)  Accept the use of Earmarked Reserves during the quarter approved by the Chief Finance Officer using Delegated powers (2.4.2 of the report).

(4)  Approve the amendment to the fees and charges schedules (2.3.2 of the report), to be effective immediately and recommend to Council any new Fees and Charges be implemented immediately.

(5)  Approve budgets and expenditure for the use of the £196,690 Cultural Recovery Fund Grant in accordance with the Bid;£39,550 Capital, £33,500 transfer to Levy Reserve, and £123,635 Revenue.

(6)  Approve the Capital Budget amendments as detailed in 3.2 of the report and accept the current projected Capital Outturn as detailed in 3.1.2 of the report.

(7)  Accept the report, the treasury activity and changes to the prudential indicators.