Issue - meetings

To consider a report by Councillor Julian Thompson-Hill, Lead Member for Finance, Performance and Strategic Assets (copy enclosed) detailing the latest financial position and progress against the agreed budget strategy.

RESOLVED that Cabinet note the budgets set for 2020/21 and progress against the agreed budget strategy.

Councillor Julian Thompson-Hill presented the report detailing the latest financial position and progress against the agreed budget strategy as outlined below –

·        the net revenue budget for 2020/21 was £208.302m (£198.538m in 2019/20)

·        an overspend of £2.242m was forecast for service and corporate budgets

·        highlighted current risks and assumptions relating to individual service areas together with the financial impact of coronavirus and Leisure ADM budgets

·        detailed required savings and efficiencies of £4.448m agreed including corporate savings relating to triennial actuarial review of Clwyd Pension Fund (£2m); 1% schools savings (£0.692m); service savings (£1.756m)

·        provided a general update on the Capital Plan, Housing Revenue Account and Housing Capital Plan.

Councillor Thompson-Hill explained that there had been no significant movements since the previous month’s finance report.  The £2.242m forecasted overspend had assumed no additional funding from Welsh Government (WG) and the figures would be updated when that funding had been received in line with previous practice.  In terms of Capital Projects most were progressing in line with expectations and with regard to Rhyl Queen’s Market Redevelopment the WG had confirmed an additional £1.5m (over and above the £5m provisional allocation) which meant phase 1 of the project was fully funded.  The planning application submitted was for the entire project.  Finally reference was made to the various grant regimes administered by the Council on behalf of WG relating to Covid-19 over the last ten months with money paid out by local authorities exceeding £1bn and Denbighshire having paid out around £52m to businesses.  This was testament to the Revenues and Benefits Team working above and beyond and tribute was paid to staff in that regard.

Councillor Mark Young highlighted the excellent support and prompt response provided by the Council to businesses but queried whether any additional financial support would be forthcoming from WG given the continued closure of businesses and hardship caused as a result.  It was explained that the funding announced by WG covered the period of lockdown to 29 January and it was assumed that a further round of funding would be made available in the event lockdown continued after that date but WG had yet to make any announcements in that regard.  As soon as any more information became available it would be shared with members.

RESOLVED that Cabinet note the budgets set for 2020/21 and progress against the agreed budget strategy.