Issue - meetings

To receive a verbal Financial Monitoring report from the Principal Accountant.

The Group received a verbal financial monitoring report from the Group Manager for Finance who explained that as of November 2020 the forecast had improved by £133k and that the Council could realise a surplus of £109K. He explained that when the report had been produced there was no knowledge of a further lockdown so the situation could deteriorate.

The officer explained that the projected surplus did not mean additional money to spend but would see the Council ending the financial year better than anticipated. If any monies were left at the end of year this would be put into an ear marked reserve to bridge any future budget gap.

He explained that £530k had been received from the Government to date, through the Income Compensation Scheme and that an additional claim for £775k had been submitted. There was a risk of misinterpretation of the rules so these figures may need to be adjusted.