Managing our finances during Coronavirus

It was finance on the agenda at this morning’s Cabinet meeting where we gave an update on our performance and how we were continuing to manage finances, including throughout the Coronavirus pandemic.

Before the virus struck, we had allocated two-thirds of this year’s budget to adult care and supporting vulnerable children and young people which still remain serious areas of concern because of rising costs.

At the start of the outbreak we created a £38 million Covid-19 ‘battle fund,’ that has helped support care homes, businesses families and schools to deal with the crisis.  And, while we are currently looking at a forecast overspend of £10.1 million, mostly due to COVID-19 we are currently managing the over spend well.

Lockdown restrictions are easing, but there is still a long way to go for the economy, both on a local and national level, to recover. We need to work with central Government to help our communities recover economically in the short term and, in the long term, find a sustainable solution to the national problem of providing social care.

The pandemic has definitely put extra pressures on our finances, but we will continue to do what is needed and to spend on what is required to get through it.

As before, the latest Coronavirus advice is available here

Please stay safe.

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