Financial Monitoring (0.35.20)
To receive a verbal update on Financial Monitoring from the Group Manager for Finance
Minutes:
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
He further explained that if there was any surplus at the end of the year, it would not result in additional funds being available for expenditure. Rather it would contribute to bridging the gap in future years, noting that not only was there an outstanding deficit in next year’s budget of £490k but also that the MTFP indicated a shortfall of c£2m in 2022/23.