| 21/14 | REVENUE AND CAPITAL FORECAST YEAR-END POSITION AT QUARTER 3 | REVENUE AND CAPITAL FORECAST YEAR-END POSITION AT QUARTER 3
The Financial Services Manager provided a summary of the Revenue and Capital Forecast Year End position as at Quarter 3.
This report provides the Council’s forecasted year end position for the revenue and capital budgets for the 2020/21 financial year at the end of the third quarter (December 2020) of the financial year, and the impact on both the General Fund and Housing Revenue Account (HRA) level of general Balances.
This was before the impact of Covid 19 on the district or the Budget was known. The Council has been monitoring the impact of Covid 19 on its financial position and providing monthly updates to Central Government. Mansfield District Council is still supporting residents and businesses during the Covid 19 pandemic which has had an impact on both income and expenditure budgets.
However the Council have been provided with un ring fenced grants for Covid 19 from Central Government and have also received some compensation for loss of income regarding, sales, fees and charges which has helped to mitigate some of the financial impact.
The Quarter 3 report has been prepared during the third national lockdown and at the time of writing there was no set date for when this would end. This means that there may be further changes to expenditure now that the road map of lockdown has been announced this is being monitored by the Finance Team.
The Financial Services Manager then provided a brief summary of each of the headings within the report.
The Portfolio Holder for Corporate and Finance thanked the Financial Services Manager for the report and stated that it was reassuring to see that we are forecasting to break even position in the General Fund. It is important to note that this is only possible due to the reliance of ear marked reserves because of the Covid 19 crisis.
The Portfolio Holder for Corporate and Finance stated that he was happy to formally accept the officer recommendations which are:
(i) That the General Fund and Housing Revenue Account Revenue forecasted outturn position for the 2020/21 financial year, at quarter three, be noted.
(ii) That the General Fund and Housing Revenue Account Capital forecasted outturn Position for the 2020/21 financial year, at quarter three, be noted.
The Portfolio Holder for Corporate and Finance confirmed that the Decision Notice would be signed and returned today.
Report of Head of Finance
Decision Notice | To be noted by the Portfolio Holder for Corporate & Finance:
(i) That the General Fund and Housing Revenue Account Revenue forecasted outturn position for the 2020/21 financial year, at quarter three, be noted.
(ii) That the General Fund and Housing Revenue Account Capital forecasted outturn Position for the 2020/21 financial year, at quarter three, be noted. |