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  • Decision details

    Medium Term Financial Plan

    • Find out more about this issue

    Decision Maker: Cabinet

    Decision status: Implemented

    Is Key decision?: Yes

    Is subject to call in?: Yes

    Purpose:

    To consider the Medium Term Financial Plan

    Decisions:

    The Cabinet had before it a *report of the Deputy Chief Executive (S151) producing an updated Medium Term Financial Plan (MTFP) which takes account of the Council’s key strategies (i.e. the Corporate Plan, Business Plans, Treasury Management Plan, Asset Management Plan, Work Force Plan and Capital Strategy) and demonstrates it has the financial resources to deliver the Corporate Plan. This models potential changes in funding levels, new initiatives, unavoidable costs and proposed service savings.

     

    The Cabinet Member for Finance outlined the contents of the report stating that the main purpose of the MTFP was to show how the Council would strategically manage its finances over the next four financial years in order to support the delivery of the objectives within the Corporate Plan.  He stated that we were in uncertain times and that there was huge uncertainty with regard to several funding streams.  There were concerns with regard to the ability to balance the budget gap in 2021/22 and savings would need to be identified.

     

    Consideration was given to:

     

    ·         Whether now was the time to consider growing the commercial property base

    ·         What plans were in place to set a balanced budget for 2021/22

    ·         The public sector pay freeze

    ·         Ideas that were discussed in a budget workshop at the beginning of 2020 would be considered further

    ·         Whether strategic services would need to be cut and consultation that would take place with the public

    ·         The need to consider the Climate Change Declaration and how work with regard to this could be prioritised

     

     

    RESOLVED that the updated Medium Term Financial Plan be noted and the proposed outlined in paragraph 8.2 be endorsed.

     

    (Proposed by the Chairman)

     

    Reason for decision – There is a need to show that the Council will strategically manage its finances over the next four financial years in order to support the delivery of the pledges/objectives detailed in the Corporate Plan.

     

    Note:  *Report previously circulated, copy attached to minutes.

     

    Report author: Andrew Jarrett

    Publication date: 08/12/2020

    Date of decision: 03/12/2020

    Decided at meeting: 03/12/2020 - Cabinet

    Effective from: 12/12/2020

    Accompanying Documents:

    • MTFP Cabinet 031220 pdf icon PDF 164 KB
    • App 1 Key Assumptions Used in the MTFP pdf icon PDF 204 KB
    • App 2 Capital MTFP 21-22 to 24-25 pdf icon PDF 132 KB