Decision Details

Report of the Interim Chief Finance Officer.

Old CMIS/Forward Plan Reference 007784/2020

Revenue in excess of £500k

Capital in excess of £1m

On 21 July 2020, Cabinet:-

1. Noted the City Council’s 2020/2021 forecast revenue budget position and the pressures and savings identified as at 30 June 2020 resulting in a forecast overspend of £79.9m;

2. Noted that the Council has received £70.3m of un-ringfenced Covid-19 related grant funding from the government;
   
   

3. Noted that the forecast additional spend/loss of income to the Council on Covid-19 related general fund activities, after utilising the un-ringfenced government grant, for 2020/21 is £74.7m;

4. Noted that the Council is engaged in ongoing discussions with the government around further funding support and additional freedoms and flexibilities that the government could provide to support the rectification of the budget gap caused by Covid-19 in both 2020/21 and 2021/22;

5. Noted the Council is also forecasting other revenue overspends of £5.2m, largely related to placement pressures within Birmingham Children’s Trust;

6. Noted the latest monitoring position in respect of the Council’s savings programme and the risks identified in its delivery;

7. Noted the forecast capital expenditure in 2020/2021 of £750.6m;

8. Approved the writing off of debts over £0.025m as described in paragraph 4.19 and set out in Annexe 4 of Appendix A of the report;

9. Approved the amended Reserves Policy as set out in paragraph 4.23 of the report.

10. Noted the Treasury Management report in Appendix A of the report.

     

11. Noted the Investment Portfolio Report in Appendix A of the report.

     

THE DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY 27 JULY 2020.