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Decision details

Medium Term Financial Analysis (MTFA) 2021/22 to 2024/25

Decision Maker: Co-operative Executive

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

The report will provide an analysis of the Council’s medium term financial position, considering latest changes and estimates of risk up to 2025.

 

Decision:

12.1

The Executive Director, Resources, submitted a report providing Members with details of the forecast financial position of the Council for the next 4 years (2021/22 to 2024/25) and to set the financial constraints within which the budgeting and business planning process will need to work to achieve a balanced budget position over the medium term.

 

 

12.2

RESOLVED: That Cabinet:-

 

(a) notes the forecast financial position of the Council for the next 4 years as set out in the report;

 

(b) notes, as a planning assumption, core Council Tax increases of 2% each year;

 

(c) notes the additional pressures caused by the COVID crisis, and that further transformation savings are required, and lobby Central Government for additional financial support;

 

(d) notes that the Council’s current level of reserves provides time for action to be taken strategically in response to the COVID crisis and the more general financial position, but that actions will be needed, on current projections, to maintain financial stability in the medium term; these actions will include further co-operation with other key stakeholders, in particular the NHS; and

 

(e) considers the information contained in the capital sections of the report and note that discussions will continue with Cabinet Members to provide guidance on how to proceed with the programmes highlighted.

 

 

12.3

Reasons for Decision

 

 

12.3.1

To inform Cabinet Members of the latest changes to the Council’s medium term forecasts, and to provide a strategic framework for the development of budget proposals and the business planning process beyond 2021/22.

 

 

12.4

Alternatives Considered and Rejected

 

 

12.4.1

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.

 

 

12.5

Any Interest Declared or Dispensation Granted

 

 

 

None

 

 

12.6

Reason for Exemption if Public/Press Excluded During Consideration

 

 

 

None

 

 

12.7

Respective Director Responsible for Implementation

 

 

 

Eugene Walker, Executive Director, Resources

 

 

12.8

Relevant Scrutiny and Policy Development Committee If Decision Called In

 

 

 

Overview and Scrutiny Management Committee

 

Report author: Ryan Keyworth

Publication date: 23/10/2020

Date of decision: 21/10/2020

Decided at meeting: 21/10/2020 - Co-operative Executive

Effective from: 30/10/2020

Accompanying Documents: