To consider proposals concerning the re-setting of departmental budgets.
Minutes:
FINANCE COMMITTEE
(Jeremy Paul Mayhew)
13 October 2020
Resetting of Departmental Budgets 2020/21
The Court was recommended to approve a series of proposals arising from an in-year re-budgeting exercise, intended to assist in repairing the damage to the City’s budgets arising from the COVID-19 pandemic. This was considered to be a vital step in ensuring that the City Corporation put its finances on a sustainable footing for the medium term.
The Chairman spoke to introduce the report, noting that the impact of COVID-19 stood at just over £28m in 2020/21 and that, whilst the City expected to recover an estimated £13.6m from the Government’s compensation scheme, the remaining deficit would need to come from reserves. He outlined the process by which the re-budgeting exercise had been progressed and urged Members to support the proposals.
In response to a query, the Chairman undertook to have a copy of his introductory speech circulated to Members for information.
Resolved – That:-
· The steps already taken to reduce the financial impact of the COVID-19 pandemic be noted.
· The adjusted departmental budgets totalling £14.2m be approved outlined in the report, including a downward revision of £1m for the Barbican explained at paragraph 7 and a reduction of £400k to the original proposal for the Open Spaces Department explained at paragraph 9.
· Proposals to continue working with departments to identify further savings where possible be approved.
· The continuation of recruitment controls aligned to the Target Operating Model (TOM) be approved, noting these may give further savings in the year.
· which may give further savings in the year.
Supporting documents: