Decision details

The Council considered the report of the Director of Resources presenting the revised Medium-Term Financial Strategy (MTFS) for 2020 / 21 to 2023 / 24 (attached as Appendix 1 to the report).

The Leader of the Council paid tribute to the work of the finance and resource departments over the last five months and reported how the Council was the first in Essex to close down its accounts for the year 2019 / 20.

The Director of Resources advised that following a review of COVID-19 pressures and other movements the MTFS approved by the Council in February 2020 had been updated.  He drew Members’ attention to tables within the report which outlined how this would impact the General Fund Balance.  The Director explained that the impact of Covid could not be accurately predicted at this stage, although it was likely to be significant but Officers would continue to monitor it.

The Leader of the Council proposed that the recommendation as set out in the report be agreed.  This was duly seconded. 

In response to a question the Director of Resources advised that additional funding was expected and once the details were known these would be reported to Members.

Following further discussion, the Chairman put the proposal in the name of the Leader of the Council and this was duly agreed by assent.

RESOLVED that the revised Medium-Term Financial Strategy for 2020 / 21 to 2023 / 24 (as at 6 July 2020) as det out in Appendix 1 to the report be noted and an updated version be brought to the October 2020 meeting of the Strategy and Resources Committee.