Issue - meetings

Financial Planning Process

Meeting: 15/07/2020 - Resources Overview & Scrutiny Panel (Item 8)

8 Financial Planning Process pdf icon PDF 143 KB

Additional documents:


Claire Hazeldene outlined the interlinked nature of this report to show the proposed financial planning process in order to review the longer term impact the Coronavirus pandemic had had on the financial position of the Authority.


The Medium Term Financial Plan (MTFP) had been formally approved by Full Council in February 2020. The pandemic had had, and was likely to continue having an adverse impact on the Council’s financial position, arising from additional expenditure, lost income and savings targets which were likely not to be met.


Estimates showed the  impact for 2020/21 to be £2.3m, with government funding of £1m having already been received and further assistance to be released shortly. There were to be 3 central pillars of support:-

1.    COVID-19 related expenditure;

2.    Irrecoverable income loss;

3.    Losses in tax revenue.


In addition, there was a potential additional resource needed with regard to community safety.


The 2020/21 position was being monitored closely and would be reported to members as part of the normal quarterly financial reporting process. The annual review of the MTFP had already commenced and would be presented to members once completed, expected to be in September 2020.


DECIDED – That the Panel NOTED the proposed process.


Members passed on their thanks to the Finance team for their ongoing efforts.