Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
The Chief Officer (Financial Services) submitted a report providing the projected financial health position of the Authority for 2020/21, as at month 4 of the financial year.
As part of the introduction to the report, the Board received an update on the ongoing discussions which continued with Government regarding the provision of further financial support for the current financial year, with it being noted that the Government’s response was expected in mid-October, and it would be at this point when it would be known whether or not the Council would need to consider an emergency budget.
Responding to a Member’s enquiry, the Board was provided with further information regarding the proportion of the current year’s deficit which related to the Minimum Revenue Provision and the proportion which could be attributable to the impact of Covid-19.
Members discussed a number of issues relating to the Council’s Medium Term Financial Strategy and also regarding the approaches being made to Government for further support. Members also discussed whether the Government could potentially be approached in relation to support for the Council’s loss of income, whilst emphasis was placed upon the key ‘ask’ of spreading the unprecedented costs associated with the pandemic over a longer term, an approach which it was noted, would be consistent with much of the public sector.
(a) That the projected financial position of the Authority, as at Month 4 of the financial year, be noted, together with the projected impact of COVID-19 on that position;
(b) That it be noted that the remaining gap will still require significant savings and further support from Central Government;
(c) That it be noted that the Authority is awaiting confirmation of further Government financial support this year, which will inform the action the Council will need to take in terms of how a balanced budget position can be delivered.
Publication date: 05/10/2020
Date of decision: 24/09/2020
Decided at meeting: 24/09/2020 - Executive Board
Effective from: 06/10/2020