To consider a report of the Executive Member for Finance and Investment and Corporate Director of Finance and Systems.

The Executive Member for Finance and Investment and the Corporate Director of Finance and Systems submitted a report which informed Members of the current 2019/20 forecast outturn figures relating to both Revenue and Capital budgets. It also summarised the latest forecast position for Council Tax and Business Rates within the Collection Fund.

In introducing the report, the Executive Member for Finance and Investment provided Members with a preliminary briefing on a range of key areas where the Covid-19 virus outbreak was likely to have a significant impact on the Council’s resource position, including: national interest rates, business rates and Council Tax income, emergency Government funding, and various categories of investment income. In discussion the need was acknowledged for a collaborative approach to assist the Council to meet the financial challenges it would undoubtedly face as the situation developed; and agreed that the Executive would continue to be briefed on emerging issues..

            RESOLVED –

(1)       That the report and the changes to the Capital Programme as detailed in paragraph 22 be noted.

(2)       That the movements in reserves set out in paragraph 10 of the report be noted.