Issue - meetings

Report of Chief Finance Officer

Lead Cabinet member: Councillor Stephen Holt

(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 Office updating them on the financial impact of Covid-19 and associated budgetary implications.

Visiting member, Councillor Smart, addressed the Cabinet on this item.

The report detailed that Covid-19 was currently estimated to leave the council facing a budget deficit of around £9.9 million for the financial year and this projection was under regular review.

The council had to date received emergency funding of £1.09 million from the government for their response to Covid-19. The government had announced further help for local authorities and the council was awaiting further information.

The Chief Executive advised that the impact of Covid-19 and future uncertainty around the potential of a second wave meant that it was unlikely that the council’s theatres would re-open before the middle of next year. Colleagues would be consulted shortly to put resources in place to ensure the future culture, theatre and leisure offer from the council was sustainable.

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 decisions:

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.