The Cabinet has considered the outcomes of the Medium Term Financial Plan (MTFP) Update Review including the expected financial impact of the COVID-19 pandemic on the Council in 2020/21, and has:-
(1) Noted the outcomes of the MTFP Update Review particularly the identified COVID19 financial scarring impacts and changes to the MTFP forecasts and assumption approved in February;
(2) Noted that the Council’s savings requirement has increased to £23.341m in 2021/22 rising to £34.825m in 2022/23 subject to further review and updates during the financial year.
(3) Noted that the earmarked reserves identified as part of the Councils COVID19 strategy of response.
(4) Approved the recommendation to cap the use of earmarked reserves to support the Council’s COVID19 strategy of response at £20m over the medium term period 2021/22 to 2022/23;
(5) Noted that the MTFP does not include any forecasts or assumptions for the financial impact of a further wave of COVID19 and/or further national/local lockdown/restrictions; and
(6) Noted that due to the significant uncertainty, volatility and risk of the financial landscape the assessment of the MTFP forecasts and assumptions will continue to be iterative with further updates to the MTFP reported to Cabinet as part of the 2021/22 budget setting process.