Issue - meetings

To receive the report of Fay Hammond (Executive Director, Resources)

The Panel received a report from Fay Hammond (Executive Director, Resources) providing an update on the Council’s 2022/23 to 2026/27 Medium Term Financial Plan, Covid-19 Risks and Financial Resilience.

The Council have done a significant amount of work to ensure the budgets are more robust, with a reserve set up for Covid-19 financial resilience.

The following comments were received:

1. Fay confirmed that Covid-19 funding has covered costs.  The grant has covered this year’s outgoings, but the loss in fees and charges was not covered. Therefore, there are concerns for the forthcoming year.

2.  It was noted that the Council Officers did an amazing job during the pandemic period. The funding helped but there is concern as the furlough schemes begin to end as the pandemic is expected to continue for a further 2/3 years.

3.  In response to how front line services have been impacted, Fay advised that there is a need to refresh the plan as the level of borrowing was stable last year and the regeneration programme struggled to progress during the pandemic.

4.  With several authorities being bankrupt, the CIPFA review have suggested a borrowing plan to tighten Enfield’s lending. Enfield have independently reviewed their financial review and will share the findings with the panel in due course.