RESOLVED

1.    That the revenue outturn for 2019/20 be noted.

2.    That it be noted that there will be an update on the five year plan for the DSG deficit prepared and reported back later in the financial year.

3.    That the outturn position on Capital be considered and the Slippage into 2020/21 and other adjustments detailed in Appendix 2C, 2C1 and Section 7 of the report be approved.

4.    That it be noted that TfL have issued warnings that their funding to local authorities is likely to reduce, officers have received assurances that funding commitments already incurred will be met by them.

The Leader advised that items 8 and 9 would be discussed together.  For the purposes of the minutes, the decisions are set out under the relevant agenda item.

The Deputy Leader and Cabinet Member for Finance presented the report, noting the difference between the outturn which largely represented the pre-Covid financial position and the forecast which represented the Council’s financial position post-pandemic.  He thanked everyone for keeping within budget in the 2019/20 financial year.

Despite an undertaking from the government to fund the pandemic response, so far the money provided had fallen far short of what was required.  The estimated cost to the Council of dealing with the pandemic was approximately £40m.  As the Council was already close to the legal minimum amount of reserves, then without financial help from the government the Council could be faced with difficult financial choices at a vulnerable time for the community.

The Director of Corporate Services also highlighted the difference between the outturn and the forecast and outlined the areas which would require close monitoring due to the impact of the pandemic, particularly parking and CIL contributions.  Further government announcements relating to grant funding were awaited and an updated Medium Term Financial Strategy would be brought to the Cabinet for consideration in September.  Slippage into the next financial year was proposed in relation to the housing company due to delays brought about by the pandemic.

The Leader thanked the Director and her team for their work. 

The Cabinet Member for Voluntary Sector, Partnerships and Community Safety highlighted the need for continued investment in CCTV and its support for the Borough Command Unit and its role in keeping residents safe.  It was also important to continue to fund voluntary and community sector organisations who had played a pivotal role in the pandemic response.

In response to a Member question, the Director of Corporate Services advised that initial indications showed that the gap could reduce to £20m which would be a significant gap to fill in one year and there could be difficult choices ahead.

The Leader thanked all those for their contributions and it was

RESOLVED

1.    That the revenue outturn for 2019/20 be noted.

2.    That it be noted that there will be an update on the five year plan for the DSG deficit prepared and reported back later in the financial year.

3.    That the outturn position on Capital be considered and the Slippage into 2020/21 and other adjustments detailed in Appendix 2C, 2C1 and Section 7 of the report be approved.

4.    That it be noted that TfL have issued warnings that their funding to local authorities is likely to reduce, officers have received assurances that funding commitments already incurred will be met by them.