Issue - meetings

Report of the Strategic Director of Housing & Customer Services
Presented by the Corporate Portfolio Holder

Councillor Nick Ruston presented the report to Cabinet and provided Cabinet with an understanding of the financial impact of the Covid-19 pandemic to the Council’s finances.

Cabinet was advised that the Section 151 Officer considered the council to be financially stable. Moving forward, the council needs to consider its cashflow and forecast borrowing very closely with a view to bridging the pandemic funding gap; and this may mean that some tough decisions may well have to be made. One such area is the review of earmarked reserves. 

The Leader thanked Councillor Rushton and invited questions and comments from Members.      

Councillor Bayliss referred to the Housing Revenue Account and the reduced rental income and advised that this stood at 97% which was only slightly lower than it was pre- COVID-19, largely due to the fact the majority of council house rent payers are in receipt of a benefit which have been less impacted upon.   

The recommendation as set out on page 61 of the agenda was moved by Councillor Rushton, seconded by Councillor Bayliss and subsequently

RESOLVED THAT:

The contents of the report be noted and the comments made be taken into account by the S151 officer when addressing the budget implications for this and subsequent years.

Reason for decision:  For Cabinet to be aware of the scale of financial impact of the Covid-19 pandemic.