Financial Update for 2020/21 (Item B2)

Report by Director, Finance and Corporate Services

  1. Members received the penultimate financial update report for 2020/21 which contained the latest forecast outturns against the revenue and capital budgets for the 2020/21 financial year; a Treasury Update for 2020/21 and proposed amendment to the 2021/22 Treasury Strategy; an update on the disposal of vacant land at Medway Fire Station; details of an amendment to the 2021/22 revenue budget as well as other financial updates. 
  2. Mr Chard thanked the Director, Finance and Corporate Services and her team for their hard work in looking after the Authority’s finances. 
  3. In response to a question posed by Mr Lake about Authority lending, Director, Finance and Corporate Services responded by giving reassurances that any due diligence is always carried out before any agreement is entered in to. 
  4. In response to a concern raised by Mrs Hohler about the removal of the £15m limit that can be invested in to Money Market Funds, the Director, Finance and Corporate Services said that she would be happy to set this limit at £25m to give flexibility and should the need arise to change this then the proposal would come back to Members for approval.   Members therefore requested for recommendation 3 within the report to be amended and this is reflected in recommendation (c) below. 
  5. RESOLVED that:-

(a)    the transfer of £1m of the final underspend to the Infrastructure Reserve, be approved;
(b)    any underspend in excess of £1m be transferred to the Insurance and Resource Reserve, be approved;
(c)    Increase the limit of deposits on Money Market Funds from £15m to £25m.
(d)    An additional £550k be allocated from the Infrastructure Reserve to fund urgent roof repairs, be approved.
(e)    the remaining contents of the report be noted. 
 

Loading...