Issue - meetings

[To present the Draft Budget and the Medium Term Financial Strategy for the period of 2021-2022 to 2023-2024]

1.      That the draft budget strategy linked to the Five Year Financial Strategy, including changes to corporate resource assumptions and growth and inflation be approved, for inclusion in the Draft Budget and Medium Term Financial Strategy 2021-2022 to 2023-2024, to be reported to Cabinet in October 2020.

2.      That work continues between August and October 2020 to further develop budget reduction and income generation proposals, in order to ensure that a balanced budget can be set for 2021-2022.

3.      That progress on the development of budget reduction and income generation proposals be reported to Cabinet in October 2020 for approval to proceed to the formal consultation stage of the budget process.

4.      That further options are explored between August and October 2020 to address the updated projected budget deficit of £8.7 million for 2021-2022 based on the Council’s Five Year Financial Strategy.

5.      That the establishment of supplementary revenue expenditure budgets totalling £2,775,198 funded by the Covid-19 Emergency Funding Grant for Local Government be approved.  Authority be delegated to the Cabinet Member for Resources, in consultation with the Director of Finance, to approve all virements required to support additional costs and loss of income relating to Covid-19.

6.      That the establishment of supplementary revenue expenditure budgets totalling £393,536 funded by the Local Authority Emergency Assistance Grant for Food and Essential Supplies be approved and authority be delegated to the Cabinet Member for Resources, in consultation with the Director of Finance, to approve all virements required to allocate expenditure and grant to individual schemes. 

7.      That authority be delegated to the Cabinet Member for Resources, in consultation with the Director of Finance to establish supplementary revenue budgets funded by grant and approve all virements required to support loss of income relating to Covid-19 once this allocation has been confirmed. As detailed in paragraph 6.5 of the report, the Government have announced a co-payment mechanism for irrecoverable sales, fees and charges income, and at this time of writing this report the full details of the scheme had not been released.

8.      That external grant of £999,000 awarded for the Arthur Street Bridge Project be built into the Transport capital programme and that the borrowing previously set aside in contingency for this project be vired to the corporate contingency.

9.      That the capital budget of £1 million for the Towns Fund Project, funded by the external grant be approved.  That authority be delegated to the Cabinet Member for City Economy and the Cabinet Member for City Environment, in consultation with the Director of Regeneration and the Director of City Environment, to approve virements to individual projects in order that projects can be implemented in an agile and timely manner.

10.   That the capital budgets of £110,000 for the Ring Road St Peters Crossing, and £193,282 for Active Travel Scheme, funded by external grant be approved and authority be delegated to the Cabinet Member for City Environment, in consultation with the Director of City Environment to approve any virements required to individual projects in  ...  view the full decision text for item 6

Councillor Louise Miles presented the draft Budget and Medium Term Financial Strategy 2021-2022 to 2023-2024. The report sought approval to proceed to the formal consultation stage of the budget process.  

Resolved:

1.    That the draft budget strategy linked to the Five Year Financial Strategy, including changes to corporate resource assumptions and growth and inflation be approved, for inclusion in the Draft Budget and Medium Term Financial Strategy 2021-2022 to 2023-2024, to be reported to Cabinet in October 2020.

2.    That work continues between August and October 2020 to further develop budget reduction and income generation proposals, in order to ensure that a balanced budget can be set for 2021-2022.

3.    That progress on the development of budget reduction and income generation proposals be reported to Cabinet in October 2020 for approval to proceed to the formal consultation stage of the budget process.

4.    That further options are explored between August and October 2020 to address the updated projected budget deficit of £8.7 million for 2021-2022 based on the Council’s Five Year Financial Strategy.

5.    That the establishment of supplementary revenue expenditure budgets totalling £2,775,198 funded by the Covid-19 Emergency Funding Grant for Local Government be approved.  Authority be delegated to the Cabinet Member for Resources, in consultation with the Director of Finance, to approve all virements required to support additional costs and loss of income relating to Covid-19.

6.    That the establishment of supplementary revenue expenditure budgets totalling £393,536 funded by the Local Authority Emergency Assistance Grant for Food and Essential Supplies be approved and authority be delegated to the Cabinet Member for Resources, in consultation with the Director of Finance, to approve all virements required to allocate expenditure and grant to individual schemes. 

7.    That authority be delegated to the Cabinet Member for Resources, in consultation with the Director of Finance to establish supplementary revenue budgets funded by grant and approve all virements required to support loss of income relating to Covid-19 once this allocation has been confirmed. As detailed in paragraph 6.5 of the report, the Government have announced a co-payment mechanism for irrecoverable sales, fees and charges income, and at this time of writing this report the full details of the scheme had not been released.

8.    That external grant of £999,000 awarded for the Arthur Street Bridge Project be built into the Transport capital programme and that the borrowing previously set aside in contingency for this project be vired to the corporate contingency.

9.    That the capital budget of £1 million for the Towns Fund Project, funded by the external grant be approved.  That authority be delegated to the Cabinet Member for City Economy and the Cabinet Member for City Environment, in consultation with the Director of Regeneration and the Director of City Environment, to approve virements to individual projects in order that projects can be implemented in an agile and timely manner.

10.That the capital budgets of £110,000 for the Ring Road St Peters Crossing, and £193,282 for Active Travel Scheme, funded by external  ...  view the full minutes text for item 6