Decision Maker: Cabinet
Decision status: Implemented
Is Key decision?: Yes
Is subject to call in?: Yes
To consider the Medium Term Financial
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