Issue - meetings

Report number:     CAB/WS/20/055

Portfolio holder: Councillor Sarah Broughton

Lead officer: Rachael Mann

Recommended to Council (29 September 2020):

That the Financial Resilience Report (June 2020), as contained in Report number: FRS/WS/20/002, be approved.

The Cabinet considered this report, which was recommending to Council, the approval of the Financial Resilience Report for the first quarter of the 2020 financial year.

Councillor Sarah Broughton, Portfolio Holder for Resources and Performance, drew relevant issues to the attention of Cabinet, including that the total amount invested at 1 April 2020 was £29,900,000 and at 30 June 2020, was £32,650,000.

As at the end of June 2020, interest earned during the first quarter of the financial year amounted to £31,947.08 against a profiled budget for the period of £35,535; a budgetary deficit of £3,587.92.  The budgetary deficit related to a reduction in interest rates as a result of the Covid-19 pandemic.

As at the end of June 2020, the Council had not had any additional external borrowing over the long-term £4 million loan.

Recommended to Council (29 September 2020):

That the Financial Resilience Report (June 2020), as contained in Report number: FRS/WS/20/002, be approved.