To receive and note a financial update report that was presented to the Cabinet on 21 November 2019. This report provides a financial update in respect of the income and expenditure so far in the year.
The group had before it, and NOTED, a report * from the Deputy Chief Executive (S151) presenting a financial update in respect of the income and expenditure so far in the year.
The key highlights within the report were as follows:
· This was the second report to the Group in the current financial year meaning that it was now easier to predict the end of year position.
· The forecasted General Fund surplus for the current year was £29k after transfers to and from Earmarked Reserves. This position had improved since Quarter 1.
· The most significant variances included additional waste savings and a large planning application.
· Overall the HRA was forecasted to be underspent by £486k in 2019/20, any surplus at the year end would be transferred to the maintenance fund.
· On the treasury management side the forecast was still volatile, however, there had been an increase in the interest received due to higher balances. It was confirmed that the Council had not undertaken any new borrowing this year.
Discussion took place with regard to the impact a saving of £163k in the repairs and maintenance area would have on the delivery of that service as the Customer Experience Working Group had received feedback that repairs were taking a long time to be actioned. The Director of Operations responded by stating that he was not aware of such feedback and requested that specific details be forwarded to him so that he could follow it up.
Note: * Report previously circulated; copy attached to the signed minutes.