Issue - meetings
Financial Management 2020/21 to 2022/23 and Framework for Change - Issues Arising from COVID-19 - June Update
Meeting: 25/06/2020 - Cabinet (Item 13)
PDF 155 KBReport of the Executive Director of Corporate Resources and Customer Services
Additional documents:
- Financial Management 2020/21 to 2022/23 and Framework for Change - Issues Arising from COVID-19 - June Update
Minutes:
The Cabinet considered the report of the Executive Director - Corporate Resources and Customer Services that provided an initial view on the financial issues that may affect the Council’s finances and financial sustainability as a result of the COVID 19 pandemic. The report provided details of the key areas that would require monitoring and reporting together with an early estimate of the financial impact in both the current year and future years; and in doing so, the report updated on the dialogue that was ongoing with central government and the required guidance and support that the Council required.
The report was the first in a series of reports that would be provided to each future Cabinet meeting on the financial impact of the pandemic, with revisions being made to future reports both in terms of the financial estimates and the proposed approach to addressing each issue as per central government guidance.
Decision Made:
That:
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(1) |
reports be submitted to each future Cabinet meeting on the financial implications arising from the COVID 19 pandemic until further notice;
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(2) |
the revised timetable for the closure of the 2019/20 year-end accounts and the proposed dates for receipt of the accounts by Audit and Governance Committee be noted;
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(3) |
the potential impact of the COVID 19 pandemic on the final outturn for 2019/20 be noted;
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(4) |
the key financial issues that are facing the Council in the financial year 2020/21 especially with regard to income due from Council Tax, Business Rates and fees and charges be noted;
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(5) |
when firm financial estimates are available to the Council in respect of 2020/21 and central government guidance is available as to how these should be addressed, a subsequent report be presented to Cabinet agreeing the Council’s approach to delivering financial sustainability in the current year and the proposed approach for the financial years 2021/22 and 2022/23; and it be noted that where these decisions require Council approval as per the constitution and financial procedure rules, decisions will be escalated as appropriate;
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(6) |
the position with regard to the potential cash flow implications arising from the COVID 19 pandemic in 2020/21 for the Council be noted; that in accordance with the Council’s approved Treasury Management Strategy it be agreed that the Council’s s151 officer be authorised to raise borrowing as a result of the Council being ‘internally borrowed’ as set out in this report; and that this action be conducted in accordance with the Treasury Management Strategy and Financial Procedure Rules;
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(7) |
the potential impact on the Council’s debt management arrangements and provision be noted and approval be authorised to a full review of this being undertaken across the Council within 6 months with the outcome being reported to Cabinet and subsequently included in future budget setting plans;
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(8) |
Approval be given to the utilisation of the ‘Emergency Fund’ as set out in Appendix A where firm estimates are known and authority be delegated to the Chief Executive and s151 officer to incur additional expenditure on the ... view the full minutes text for item 13 |