Decision details

Medium Term Financial Strategy 2021/22 to 2023/24 - Phase Two - FEB21/CAB/79

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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.

Decision:

Cabinet considered the report and?RESOLVED?to recommend to Council for approval:??

1. The Phase Two service proposals as outlined in Appendix B??

2. The updated budget assumptions, to be incorporated within the Medium-Term Financial Strategy 2020/21 – 2022/23. These are outlined in sections 5.??

3. The revised capital programme outlined in section 5 and referencing Appendix G.??

4. The Medium-Term Financial Strategy 2021/22 to 2023/24 - Phase Two, as set out in the body of the report and the following appendices, subject to the removal of the Hydrotherapy Pool from the Disposals Schedule:

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

· Appendix B – Budget Proposal Detail??

· Appendix C – Phase One and Phase Two Budget Proposal Summary??

· Appendix D – Grant Register??

· Appendix E – Council Tax Information??

· Appendix F – Fees and Charges??

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

· Appendix H – Financial Risk Register??

· Appendix I – Carbon Impact Assessments??

· Appendix J – Treasury Management Strategy??

· Appendix?K – Capital Strategy??

· Appendix L – Asset Management Plan??

Cabinet RESOLVED to note:

5. All the grant figures following the Local Government Final Finance Settlement, published on 10 February 2021 outlined in sections 5 and 9.??

6. The strategic financial approach taken by Council outlined in section 4 of the report.??

7. The statutory advice of the Chief Finance Officer outlined in section 6 - The Robustness Statement (Section 25). This is required to highlight the robustness of budget estimates and the adequacy of reserve balances.?

8. The recommendation from the Joint Scrutiny of the Budget meeting that the Financial Risk Register be updated to include reference to the risks posed by climate change to the City, with particular reference to flood risk.

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.