Issue - meetings

Medium Term Financial Plan

Meeting: 28/09/2020 - Corporate Select Committee (Item 3)

3 Medium Term Financial Plan pdf icon PDF 268 KB

Minutes:

The Committee considered an updated summary version of the Medium Term Financial Plan 2020/21 – 2023/24. Forecasting the longer term impact the coronavirus pandemic has had o the financial position of the authority.

 

The table at 3.9 of the report set out the forecasted deficit at the end of 4 years of £1.7M, and by utilising the Covid-19 earmarked recovery reserve and re-designating the pensions earmarked reserve would result if a drawdown of £1,278,910, assuming no further government support.  The HRA had been less impacted by COVID and a £2,06< surplus was projected for year 4.

 

In response to a query regarding the impact of the McCloud judgement around pensions, members were advised that this had been accounted for and it was anticipated that the McCloud judgement would be not as sever as anticipated.  It was clarified that the pension reserve to be use to off set the forecasted deficit on the general fund was now not required and was right to be re-deployed.

 

The view was expressed that consideration needed to be given to the funding arrangements around priority projects to ensure that reserves can be re-established at the end of this period.  Particular reference was made to the Future High Streets Fund, Glossop Town Halls and Climate Change Emergency projects.

 

RESOLVED:

 

That the forecast updated MTFP position be noted,