Agenda item

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 –

(a)       note the budgets set for 2019/20 and progress against the agreed budget strategy;

(b)       approve the revised guidance relating to Business Rate Relief criteria to be published on the Council’s website and that the transparent scoring matrix is introduced with immediate effect as detailed in Appendix 6 and Section 6.2 of the report, and

(c)        approve the write-off of Business Rates as detailed in Appendix 7 and Section 6.3 of the report.

Councillor Julian Thompson-Hill presented the report detailing the latest financial position and progress against the agreed budget strategy.  He provided a summary of the Council’s financial position as follows –

·        the net revenue budget for 2019/20 was £198.538m (£194.418m in 2018/19)

·        an overspend of £1.614m was forecast for service and corporate budgets

·        highlighted current risks and assumptions relating to individual service areas

·        detailed required savings and efficiencies of £5.672m with an approved allocation of £616k from the Savings Achievement Contingency to offset known non-achievement savings (approximately 11% of the total savings identified)

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

Cabinet was also asked to approve the revised guidance relating to Business Rate Relief criteria and to approve the write off of Business Rates totalling £57k.

Councillor Mark Young referred to the additional costs arising from the recent storm damage in the county, including flooding incidents, both in terms of remedial and flood defence works and asked that those costs be identified within the regular finance reports to Cabinet in future as a known risk.  The Head of Finance and Property advised that in addition to pressures within the Highways Service, there would also be impacts on other service areas, such as leisure and social services, and an assessment of those wider impacts would also need to be undertaken.  It was agreed that the impact of the storm damage be included as part of Cabinet’s regular finance report in future.

RESOLVED that Cabinet –

(a)       note the budgets set for 2019/20 and progress against the agreed budget strategy;

(b)       approve the revised guidance relating to Business Rate Relief criteria to be published on the Council’s website and that the transparent scoring matrix is introduced with immediate effect as detailed in Appendix 6 and Section 6.2 of the report, and

(c)        approve the write-off of Business Rates as detailed in Appendix 7 and Section 6.3 of the report.