- Meetings, agendas and minutes
Draft Budget and Medium Term Financial Strategy 2020-2021 to 2023-2024
Decision Maker: Cabinet
Decision status: Recommendations approved
Is Key decision?: Yes
Is subject to call in?: Yes
To present the Draft Budget and Medium Term
Financial Strategy 2020-2021 - 2021-2022
1. That the draft budget strategy linked to the Five Year Financial Strategy, including the budget reduction and income generation targets, be approved for inclusion in the Draft Budget and Medium Term Financial Strategy 2020-2021 to 2023-2024, to be reported to Cabinet in October 2019.
2. That it be approved that work continue between August and October 2019 to further develop the budget reduction and income generation proposals identified in this report, in order to ensure that a balanced budget can be set for 2020-2021.
3. That it be approved that progress on the development of budget reduction and income generation proposals be reported to Cabinet in October 2019 for approval to proceed to the formal consultation stage of the budget process.
4. That it be approved that further options are explored between August and October 2019 to address the updated projected budget deficit of £4.9 million for 2020-2021 based on the Council’s Five Year Financial Strategy.
5. That it be noted that, a number of assumptions have been made with regards to the level of resources that will be available to the Council as detailed in section 5 of this report. It is important to note that there continues to be a considerable amount of uncertainty with regards to future income streams for local authorities over the forthcoming Comprehensive Spending Review period. At the point that further information is known it will be incorporated into future reports to Councillors. Any reduction in the Government’s allocation of funding to the Council would have a significant detrimental impact and further increase the budget deficit forecast over the medium term.
6. That it be noted that, due to external factors, budget assumptions remain subject to significant change, which could, therefore, result in alterations to the financial position facing the Council.
7. That it be noted that an element of the high-level strategy for 2020-2021 relate to one-off opportunities that can be achieved in 2020-2021.
8. That it be noted that the updated projected deficit assumes the achievement of budget reduction and income generation proposals amounting to £9.6 million over period 2019-2020 to 2023- 2024.
9. That it be noted that the 2020-2021 budget timetable will, as in previous years, include an updated report presented to Cabinet in October 2019 detailing budget reduction and income generation proposals that will be subject to formal budget consultation during October to December 2019. Further to this, an update on all budget assumptions and the Provisional Local Government Settlement will be presented to Cabinet by January 2020, with the final budget report due to be approved by Full Council in March 2020.
10. That it be noted that the overall level of risk associated with the 2019-2020 Budget and Medium Term Financial Strategy 2019-2020 to 2023-2024 is assessed as Red.
Report author: Mohammed Hasan
Publication date: 01/08/2019
Date of decision: 31/07/2019
Decided at meeting: 31/07/2019 - Cabinet
Effective from: 08/08/2019