Issue - meetings

The report of the Executive Manager- Finance and Corporate Services is attached.

It is RESOLVED that:

a)           the 2019/20 revenue position and efficiencies identified in Table 1 in the report be noted and the carry forwards in Table 2 of the report be approved;

b)           the associated changes to the earmarked reserves as set out at Appendix B of the report be approved, and it be recommended to Full Council that it approves the transfer of three reserves totalling to £0.524m as stated at paragraph 4.8 to the Organisation Stabilisation Reserve from 2020/21;

c)            the re-profiled position on capital be noted and the capital carry forwards outlined in Appendix C of the report be approved; and

d)           the update on the Cricket Club loan in Section 5 be noted.

The Portfolio Holder for Finance presented the report of the Executive Manager – Finance and Contract Services outlining Quarter 4 and the year-end financial outturn position for 2019/20, linked to the closure of the accounts process and previous financial update reports.

The Portfolio Holder for Finance advised that the draft Statement of Accounts had been prepared, approved, and considered by the Corporate Overview Group, which had made no observations to Cabinet.  Council officers were thanked for their hard work in producing the document well within the statutory limits.  The certification and completion of the audit would normally be issued by 31 July; however, due to Covid-19 that would now be delayed until the end of November 2020.  The Council’s strong financial position had helped it to deal with the pressures it had faced during the pandemic.  On a positive note, the Portfolio Holder for Finance confirmed a net transfer to reserves of £1.35m, the majority of which had come from revenue efficiencies noted in the report, which equated to a £619k gain.  There had been an addition of £409k from the Nottinghamshire Pool Surplus and £381k from renewable energy business rates.  The Council’s reserves had increased by £1.6m, and at the end of last year, the Council had total reserves of £13.5m.  From those reserves, the Council had committed £1m to the Climate Change Reserve.  A number of small reserves totalling £524k that were not planned to be used would be incorporated into the organisation’s Stabilisation Reserve, as part of the Council’s Covid-19 recovery strategy.  The report highlighted important carry forward requests to assist the Borough moving forward and dealing with its growth agenda.  There was an underspend of £19m on capital projects, which had primarily occurred due to the postponement of the Council’s Asset Investment Strategy, the Bingham Hub and the crematorium, which had been moved into this year.  The report referred to the Nottinghamshire County Cricket club loan repayment being delayed; however, Cabinet was advised that following a recent meeting, it had been agreed that the £55k would be repaid in September 2020.  Last year the Council’s overall financial position was positive and officers were thanked for their hard work in enabling the Council to reinforce its reserves, particularly when the current situation was so challenging.

In seconding the recommendation, Councillor Inglis reiterated the comments made regarding the Council’s sound financial management, which would allow the Council to continue to meet the challenges ahead.  

Councillor Robinson stated that as the report only covered figures up to the end of March 2020, it could only encompass a few weeks of Covid-19 and lockdown.  Whilst it was encouraging that the Council’s reserves were so strong, it should be noted that the report could not highlight the financial impact that had taken place since then and the next report covering Quarter 1 would provide a more accurate account of the impact of Covid-19. 

It is RESOLVED that:

a)           the 2019/20 revenue position and efficiencies identified in Table 1 in the  ...  view the full minutes text for item 6