Issue - meetings

The Strategic Director (Corporate Resources) and the Head of Finance and Investment presented the draft Council Budget 2021/22 and Medium-Term Financial Plan 2021/22 – 2024/25.

The Leader of the Council, Councillor T J Bartlett, and the Portfolio Holder for Finance, Governance and Digital, Councillor C A Vinson, were also in attendance at the invitation of the Chairman.

Members were advised that the summary of the budget position was as followed:

·         The General Fund budget for 2021/22 forecast a deficit of approximately £500,000;

·         The Housing Revenue Account was balanced; and

·         The Capital Programme was fully funded.

However, the forecast contained a high degree of uncertainty due to the pandemic and other factors and the general fund would need to use reserves to cover the forecast deficit. It was stated that due to a significant proportion of the support from government to the Council for 2020/21 not being ringfenced it would assist in reducing the impact on the Council's underlying reserves.

Councillor C A Vinson pointed out that the Council’s reserves were the product of prudent budgeting and that unlike a number of other council’s there was no need to issue a s114 notice in respect of the council’s finances.

Members discussed the report and whether the information could be presented in a more simplified format to assist councillors and the public in understanding it. The Strategic Director (Corporate Resources) advised that he would see what could be done to present some of the information in a more simplified way.

RESOLVED:       That it be recommended to Cabinet that decision CAB88 be endorsed as followed:

(i)            That the General Fund Revenue Budget, the Capital and Special Projects Programmes, the Housing Revenue Account budget and the content of the Medium-Term Financial Plan (MTFP), as proposed in Appendix 3 of the report, be forwarded to the Overview and Scrutiny Committee for consideration.

(ii)           That the draft budget be placed on the Council’s website for comments.

(iii)          That it be noted that the remaining annexes, including the Council Tax Resolution and Treasury Management, Investment and Capital Strategies, will be added to the MTFP and other minor adjustments made before being presented to Council in March.

To consider the report of the Strategic Director (Corporate Resources) (to follow).

Responsibility: Portfolio Holder for Finance, Governance and Digital

(a) It was agreed:

(i)             That the General Fund Revenue Budget, the Capital and Special Projects Programmes, the Housing Revenue Account budget and the content of the Medium-Term Financial Plan (MTFP), as proposed in Appendix 3 of the report, be forwarded to the Overview and Scrutiny Committee for consideration.

(ii)            That the draft budget be placed on the Council’s website for comments.

(iii)           That it be noted that the remaining annexes, including the Council Tax Resolution and Treasury Management, Investment and Capital Strategies, will be added to the MTFP and other minor adjustments made before being presented to Council in March.