Decision details

Medium Term Financial Strategy 2021/22 to 2023/24 - Phase One - OCT20/CAB/40

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Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

The report to Cabinet forms part of the Council’s formal Budget and Policy Framework. This requires Cabinet to initiate and make proposals and update assumptions to set a balanced budget for the financial years 2021/22 -2023/24. There is a legal requirement to set a balanced budget for 2021/22. The purpose of this report is to:

· Recommend that Cabinet approve the Phase One service proposals;

· Recommend that Cabinet approve the budget assumptions to update the Medium-Term Financial Strategy (MTFS), to ensure estimates reflect the most up to date information available;

· Outline the financial impact of C-19 and other financial challenges facing the Council, in setting balanced budget for the MTFS 2021/22-2023/24;

· Outline the strategic approach and actions taken by the Council to deliver a balanced budget in 2021/22;

Proposals will be agreed by Cabinet, following consideration of the feedback received to the consultation, on 30 November 2020 with a recommendation to Council on 9 December 2020 for approval.

Decision:

Cabinet considered the report and RESOLVED to approve:

1. The Phase One service proposals outlined in Appendix C as the basis for public consultation.

2. The updated budget assumptions, to be incorporated within the Medium-Term Financial Strategy 2020/21 – 2022/23. These are outlined in sections 5.2 and 5.3.

3. The revised capital programme outlined in section 5.5 and referencing Appendix B.

4. The Medium-Term Financial Strategy 2021/22 to 2023/24- Phase One, as set out in the body of the report and the following appendices:

· Appendix A – 2021/22- 2023/24 MTFS Detailed Budget Position-Phase One

· Appendix B – Capital Programme Schemes 2021/22- 2023/24

· Appendix C – Budget Consultation Document, including Phase One Budget Proposal detail

· Appendix D – Financial Strategy pre-C-19

· Appendix E – Financial Risk Register

· Appendix F – Equality Impact Assessments

· Appendix G – Carbon Impact Assessments

Cabinet RESOLVED to note:

5. The strategic financial approach taken by Council outlined in section 5.4 of the report.

6. The forecast reserves position, and the statutory advice of the Chief Finance Officer outlined in?Section 6, The?Robustness Statement.

Reasons for the decision:

The Council must set a lawful and balanced budget. The approach outlined in this report work towards this requirement.

Alternative options considered:

No alternative option has been considered as the Cabinet is responsible under the constitution for initiating budget proposals and the Council is statutorily obliged to set a lawful and balanced budget by 11 March annually.