Issue - meetings

Members considered the Executive Business Plan and Medium Term Financial Plan for 2021/2022-2025/2026 including the 2021/2022 budget.

The report proposed a balanced Budget for 2021/2022 and a Budget requirement of £13,270,500.  The one year Local Government financial settlement had provided additional resources to those previously forecast.

The General Fund working balance, forecast in excess of the £2.5 million minimum balance along with the gain on the financial settlement provided the opportunity to create new earmarked reserves, in addition to setting aside resources through the Local Government review. 

The proposed 2021/2022 Budget assumptions included a Council Tax increase of £5 which was the maximum allowed within the Government’s referendum limits; for future years a 0.75% increase in the tax base and a 3% increase in Council Tax had been applied.

No pay award had been included for the 2021/2022 Budget, however 2% had been applied for future years.

The Treasury Management Strategy had been scrutinised by the Governance and Audit Committee and would be presented to Full Council for approval.

Members were informed that the Environment and Sustainability Strategy was under review and an action plan was anticipated.  It was hoped this plan would be able to attract grant funding.

Note:   Following it being moved, seconded, and voted upon members agreed to go into private session at 1941 to consider exempt financial information.

            Committee came back into open session at 1944.

The recommendations were moved, seconded, and following a vote it was unanimously RESOLVED to:

(a)  Recommend to Council the approval of the DRAFT: Executive Business Plan and Medium Term Financial Plan 2021/22 to 2025/26.

(b)  Recommend to Council the Revenue Budget 2021/22.

(c)   Approve the creation of new Earmarked Reserves, the use of and contributions to existing Earmarked Reserves.

(d)  Accept the Statement of the Chief Finance Officer on the Robustness of Estimates and Adequacy of Reserves.

(e)  Recommend to Council the Capital Investment Programme 2021/22 to 2025/26.

(f)    Delegate any housekeeping changes to the Draft Executive Business Plan and the Draft Medium Term Financial Plan to the Assistant Director of Finance, Business Support and Property Services (S151 Officer) in consultation with the Chairman of this Committee prior to the final consideration by Council on 1 March 2021.