Report of Chief Finance Officer

Lead Cabinet member: Councillor Zoe Nicholson

(Non-key decision):

(1) To note the initial financial impact of Covid-19 and associated vulnerability of the authority’s budget.

(2) To note the assumptions being made about the ongoing financial impact of Covid-19.

The Cabinet considered the report of the Chief Finance Officer, updating them on the initial financial impact of Covid-19, summary of the local government funding announced to date and associated budgetary implications.

The report detailed that it was estimated that additional costs, including delayed savings programmes, arising from Covid-19 could be as high as £380,000 per week should the lockdown continue and result in a long-term economic downturn.

It is forecasted that the council could see a reduction of £11.57 million in fees and income this year, whilst its costs could increase by £8.254 million.

Financial updates would be provided to the Cabinet, Audit and Standards Committee and Policy Performance and Advisory Committee on an ongoing basis.

Resolved (Non-key decision):

(1) To note the initial financial impact of Covid-19 and associated vulnerability of the authority’s budget.

(2) To note the assumptions being made about the ongoing financial impact of Covid-19

Reason for decision:

The Council’s response to Covid-19 has been and continues to be fast paced. Budgetary assumptions are liable to change and are only given as an indication. This report provides a position statement at this time to keep Cabinet informed.