Issue - meetings

** Please note this report will follow as it is currently being reviewed and finalised **

Report of Director of Finance

Resolved

(1)      That the forecast overspend being reported against Cherwell District Council’s budget for 2020/21 relating to the financial impact of Covid-19 be noted.

(2)      That officers be asked to identify plans to address the potential overspend in 2020/21 arising from Covid-19 and report back to the next meeting with recommendations for action.

The Director of Finance submitted a report which provided an update on the financial impact of the Covid-19 pandemic on Cherwell District Council (CDC) alongside the anticipated forecast outturn as at the end of the May 2020.

Resolved

(1)      That the forecast overspend being reported against Cherwell District Council’s budget for 2020/21 relating to the financial impact of Covid-19 be noted.

(2)      That officers be asked to identify plans to address the potential overspend in 2020/21 arising from Covid-19 and report back to the next meeting with recommendations for action.

Reasons

Financial monitoring is an important part of the overall performance management across CDC, allowing officers and members to understand the position and where necessary take early action in order to deliver a balanced budget.  The impact of the Covid-19 pandemic is significant and will place CDC under additional pressure managing its finances over the medium term, especially when taking into account the medium term financial challenges anticipated when the budget was set in February 2020.

Alternative options

No alternative options need to be considered via the recommendations.