Issue - meetings

Background:

This report provided details of the final revenue and capital outturn position for the financial year ended 31 March 2020. The report stated that these figures would form part of the Council’s Statement of Accounts, which due to the government extension granted in response to the disruption caused by Covid-19, would be considered by the Audit Committee in Autumn 2020.

The report stated that despite the disruption caused by Covid-19 late in the financial year, the continued work to manage expenditure, allied to the review of the Minimum Revenue Provision (MRP) and Medway’s share of the Government surplus on the business rates levy meant that the final outturn represented a net underspend on services of £2.8million, which would be transferred to the Council’s usable general fund reserves.

Reasons:

Cabinet is the body charged with the executive management of the Council’s budget and it is therefore important for the final outturn to be reported to Cabinet.