Issue - meetings

The purpose of the report by the Director of Finance and Section 151 Officer is to:

·         Describe the overall forecast financial impact of the Covid -19 pandemic in 2020/21

·         Explain the extent of the financial support that has been provided by the Council in response to the pandemic and the approach taken

·         As a consequence of the Covid-19 pandemic, evaluate the financial resilience of the Council and its exposure to the prospect of the S.151 Officer issuing a Section 114 Notice

·         Propose a financial strategy to remain within the Budget parameters approved by the City Council in February 2020

RECOMMENDED that:

1) The financial strategy described in Section 8 of this report be approved

2) A further report be brought to a future meeting of the Cabinet to propose a detailed plan for placing certain Capital Spending plans "on hold" which will remain "on hold" until the overall financial impact on the Council is known with reasonable certainty

3) Note that the plan to place Capital Spending "on hold" is a plan only, and any cancellation of Capital Schemes would only be invoked in the event that the Council needs to respond to a forecast financial impact of the magnitude set out in this report.

1) The financial strategy described in Section 8 of the report was approved

2) A further report be brought to a future meeting of the Cabinet to propose a detailed plan for placing certain Capital Spending plans "on hold" which will remain "on hold" until the overall financial impact on the Council is known with reasonable certainty

3) Cabinet noted that the plan to place Capital Spending "on hold" is a plan only, and any cancellation of Capital Schemes would only be invoked in the event that the Council needs to respond to a forecast financial impact of the magnitude set out in this report.