Agenda item

(a)  That the reported underlying financial position of the Council for the year end 2020-21 be noted;

(b)  That the Council’s provisional reserve balances for the year end 2020-21 be noted;

(c)  That budget transfer (virements) for 2020-21 as requested in Section 9 be approved;

(d)  That write offs for the first quarter of 2020-21 as requested in Section 10 be approved.

The Lead Member for Governance & Customer Services introduced a report that updated on the financial position of the Council’s revenue account for the first quarter of the year to the end of June 2020.

The forecast year end overspend was £1.9m, which was 1.57% of the revenue budget.  Whilst this figure was broadly similar to that at the same time in previous years, and the budget had been balanced by year end due to strong financial management, it was highlighted that the Covid-19 response and pressures had had a very significant impact and caused future uncertainty.  The forecast overspend would have been £14.6m before the Covid grant of £12.7m had been applied.  The report set out the actions being undertaken to contain the overspend and the Cabinet noted the current position regarding the potential financial risk of Slough Children’s Service Trust as detailed in paragraphs 5.12 to 5.15 of the report.

Lead Members discussed the Covid-19 implications on the Council budget and asked whether funding would be made available for recently announced Government initiatives such as Covid Marshalls.  It was responded that in addition to the Covid grant as reported, the Ministry of Housing, Communities and Local Government was surveying the pressures on councils.  No funding had been announced for Covid Marshalls.

The Cabinet also considered the virement and write off requests as set out in the sections 9 and 10 of the report respectively.  These were approved.

Resolved –

(a)  That the reported underlying financial position of the Council for the year end 2020-21 be noted;

(b)  That the Council’s provisional reserve balances for the year end 2020-21 be noted;

(c)  That budget transfers (virements) for 2020-21 as requested in Section 9 of the report be approved;

(d)  That write offs for the first quarter of 2020-21 as requested in Section 10 of the report be approved.