Decision details

Medium Term Financial Analysis (MTFA) 2020/21 to 2023/24

Decision Maker: Co-operative Executive

Decision status: For Determination

Is Key decision?: Yes

Purpose:

Analysis of the Council’s Medium Term Financial position considering latest changes and estimates of risk up to 2024.

Decision:

8.1

The Executive Director, Resources, submitted a report providing provide Members with details of the forecast financial position of the Council for the next 4 years and recommending the approach to budgeting and business planning that will be necessary to achieve a balanced budget position over the medium term.

 

 

8.2

RESOLVED: That Cabinet:-

 

 

 

(a)

notes the forecast position for the next 4 years;

 

 

 

(b)

notes as planning assumptions, core Council Tax increases of 2% per annum and that the actual increases will be set at Full Council each March;

 

 

 

(c)

notes additional flexibility was announced in the recent Spending Review for 2020/21 for a further 2% increase for the Social Care Precept. A decision to take this precept at Full Council would result in a balanced budget for 2020/21;

 

 

 

(d)

notes the information contained in the capital sections of the report (paragraphs 30-39) and that decisions relating to the programmes mentioned (in paragraphs 36-39-) will be sought in due course; and

 

 

 

(e)

agrees the approach to budgeting and business planning outlined in the report.

 

 

8.3

Reasons for Decision

 

 

8.3.1

To inform Cabinet Members of the latest changes to the Council’s medium term forecasts within both revenue and capital budgets, and to provide a strategic framework for the development of budget proposals and the business planning process beyond 2020/21.

 

 

8.4

Alternatives Considered and Rejected

 

 

8.4.1

A number of alternative courses of action are considered as part of the process undertaken by Officers before decisions are recommended to Members. The recommendations made to Members represent what Officers believe to be the best options available to the Council, in line with Council priorities, given the constraints on funding and the use to which funding is put within the Revenue Budget and the Capital Programme.

 

 

8.5

Any Interest Declared or Dispensation Granted

 

 

 

None

 

 

8.6

Reason for Exemption if Public/Press Excluded During Consideration

 

 

 

None

 

 

8.7

Respective Director Responsible for Implementation

 

 

 

Eugene Walker, Executive Director, Resources.

 

 

8.8

Relevant Scrutiny and Policy Development Committee If Decision Called In

 

 

 

Overview and Scrutiny Management Committee.

 

Report author: Ryan Keyworth

Publication date: 17/10/2019

Date of decision: 09/10/2019

Decided at meeting: 09/10/2019 - Co-operative Executive

Effective from: 24/10/2019

Accompanying Documents: