Councillors Consider The Financial Impact Of Covid-19 on Broxtowe

Councillors Consider The Financial Impact Of Covid-19 on Broxtowe

02/07/20 - Broxtowe Borough Council will consider the financial implications of COVID-19 next week when the Finance and Resources Committee meets virtually on 9th July.

A report will be presented to the Committee outlining the latest estimates on the financial impact of COVID-19 on the Council’s 2020/21 financial position, as well as the impact on its medium term financial strategy.Councillor Greg Marshall

Chair of the Finance and Resources Committee, Councillor Greg Marshall said: “The pandemic has had serious financial implications for residents, businesses, and communities, and the Council is no exception. Whilst we have received some Government grant to support our response and help manage our finances, additional spending has been necessary to ensure residents, businesses and voluntary groups are supported and helped to stay safe.

This was absolutely the right thing to do but now we have to look at how this will impact us over the coming months and years. Significant revenue losses have stemmed from the closure of leisure centres, businesses, car parks, and commercial activities.

Over the next few months, we will  be updating our medium term financial strategy and business strategy for consideration as part of our budget process during the autumn.”

Under the current environment, financial estimates are being revised on a monthly basis to reflect the changing situation.

The full report can be read at https://democracy.broxtowe.gov.uk/ieListDocuments.aspx?CId=143&MId=451  and members of the public are able to watch the virtual meeting on Microsoft Teams. More details are available at www.broxtowe.gov.uk/committees


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