Issue - meetings

Cabinet considered the Money Matters report setting out an update on the county council's 2020/21 revenue and capital financial position, as at the end of June 2020 and an updated medium term financial strategy (MTFS) covering the period 2021/22 to 2023/24.

The report also showed the increasing financial pressures felt by Covid-19 and the impact it would have on the county council's budget.

In presenting the report, it was noted that there was a discrepancy in the Executive Summary on page two of the report. This was under point (i) of the summary, where it should say "overspend' instead of "underspend". This had been corrected on the published agenda on the council's website.

Resolved: That

  i.  The current forecast overspend of £3.737m on the revenue budget in 2020/21, be noted;

  ii.  The revised funding gap of £79.306m covering the period 2021/22 to 2023/24 as set out in the revised financial outlook forecast for the council, be noted;

  iii.  The contents of the county council's reserves position, be noted;

  iv.  The expected capital expenditure outturn of £149.709m, be noted; and

  v.  The revised 2020/21 capital delivery programme of £149.510m as presented within the body of the report, be noted.