Issue - meetings

Peter Stuart, Head of Corporate Resources introduced the report.  He confirmed that signs of income deterioration were evident at end of March.

The Leader confirmed the report strong financial position of the Council before COVID-19 but emphasised the impact of the crisis was likely to be significant. 

The Deputy Leader thanked the officers for work during the year and noted the Council’s income streams which were now under threat.

The Cabinet Member for Community highlighted the work and service investments the Council had made that should assist local communities in the recovery phase.

The Cabinet Member for Housing and Planning noted the Council’s work over the last 10 years which had made the Council financially resilient as it entered the pandemic.  He emphasised that there were many challenges ahead.

The Leader noted the significant ongoing risk to income sources and that there would be future challenges ahead.

The Leader took the Members to the recommendations contained in the report, which were agreed unanimously.

RESOLVED

Cabinet recommended to Council for approval:

(i)             that grant income as set out in paragraph 12 of this report be transferred to General Reserve;

(ii)            that grant income as set out in paragraph 13 to 18 of this report be transferred to Specific Reserves;

(iii)           that requests totalling £38,000 be transferred to Specific Reserves as set out in Table 1;

(iv)          that £50,000 be transferred to the Community Development Fund Specific Reserve from General Reserve as detailed in paragraph 20;

(v)            that balance of interest totalling £334,691 as set out in paragraph 21 is transferred to the General Reserve;

(vi)          that Dividend income totalling £16,962 as set out in paragraph 24 is transferred to the General Reserve;

(vii)         that the 2020/21 capital programme be increased by £1,291,000 as a result of slippage of some 2019/20 capital projects as detailed in Table 2.

(viii)        that the revenue overspend in 2020/21, totalling £10,000, be met from General Reserve.