Issue - meetings

To consider the report of the Chief Officer (Financial Services)which sets out the Council’s projected financial health position for 2019/20 at Month 4, and seeks the Board’s approval of a proposed release from the Council’s General Reserve.

The Chief Officer (Financial Services) submitted a report which presented the Council’s projected financial health position for 2019/20 as at Month 4 of the financial year, detailed proposals identified by the Director of Children and Families to address the projected directorate overspend and which sought approval of a proposed release from the Council’s General Reserve.

In noting that Veolia had failed to meet agreed recycling targets and as such there may be an obligation on Veolia to pay a penalty to the Local Authority subject to DEFRA’s agreement (Department for Environment, Food and Rural Affairs), a Member made an enquiry about how such a potential sum would be invested. In response, it was noted that discussions with relevant parties were ongoing and that once further clarity had been received, officers undertook to ensure that Executive Members would be fully briefed on such matters prior to any proposals being progressed.

RESOLVED –

(a)  That the projected financial position of the authority, as at Month 4 of the financial year, as detailed within the submitted report, be noted;

(b)  That the proposals identified by the Director of Children and Families to address the projected overspend, as reported to the Board in July 2019 and as detailed within the submitted report, be noted;

(c)  That the release of £1m from the General Reserve, be approved in order to take advantage of record low interest rates, and to create savings for the Medium Term Financial Strategy, with it being noted that the officer responsible for the implementation of this resolution is the Chief Officer (Financial Services) and that the release from the reserves will be actioned before the next reporting period.