Issue - meetings

Issue - meetings

Financial Outturn 2019/20

Meeting: 29/06/2020 - Finance Scrutiny Committee (Item 5)

5 Financial Outturn 2019/20 pdf icon PDF 375 KB

Additional documents:

Minutes:

The committee received the report of the Interim Head of Finance.  The report informed Finance Scrutiny Committee and Cabinet of the revenue and capital outturns for the financial year 2019/20. The committee was asked to review the recommendations for Cabinet and consider any further recommendations it wished to make in respect of these to Cabinet.

 

The Interim Head of Finance introduced the report and highlighted the key areas, in particular:

·        The revised net revenue budget was £14.961 million and the outturn was £14.045 million; a variance of £0.916 million. After carry-forwards, there was an underspend of £0.192 million to be added to the economic impact reserve.

·        Projects requiring funds to be carried forward included Watford 2020 and a sports development programme.

·        The capital budget was £42.045 million and expenditure had been £22.081 million. Capital projects did not fit neatly into financial years and delays could occur for a variety of reasons. The remainder would therefore be rephased to 20/21.

·        The council’s levels of reserves were relatively healthy, having increased to £23 million by the end of 19/20, but some were earmarked for certain expenditure.

 

It was confirmed to the committee that this report reflected the situation before the onset of Covid19, as lockdown was introduced shortly before the end of the financial year.

 

RESOLVED –

 

that the Finance Scrutiny Committee supports the recommendations to Cabinet as set out in the report.


 

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