Decision details

To receive an update on the latest medium term financial planning assumptions for the Council and take any decisions relating to savings and growth plans as part of the budget setting process leading to Budget Council on 18th February 2021.

Noted:

(a)  The budget gap and the actions being taken to bridge it for 2021/22 – 2023/24. Note that the Housing Revenue Account, Dedicated Schools Grant, Capital Programme and the Flexible Capital Receipts Strategy to deliver future transformation and savings will be included in the February 2021 Budget and MTFS Report.

(b)  The need toseta balancedbudget, each year, acrossthewholeoftheMTFS period

Approved to include in budget Cabinet would recommend to Council:

(c)  The Council would apply for a capitalisation directive to enable it to balance the 2021/22 and 2022/23 budgets, allowing time to identify further savings whilst tackling the impact of COVID-19.

(d)  The Council repay its minimum revenue provision by using further capital receipts in 2021/22 and 2022/23; and creates full provision for these costs in the revenue budget by 2023/24.

(e)  The Council increase:

  i.  its general band D Council Tax by 1.99% the maximum permitted without a referendum as previously planned; and

  ii.  its Adult Social Care Precept by 3.00% as assumed by Government in the recently announced spending review to cover the rise in demand and more complex needs arising from the pandemic including a growth in mental health issues.

(f)  The proposed service savings and efficiencies of £12.392m for 2021/22 to 2023/24, of which £9.067m relates to 2021/22 as set out in Appendix C be submitted to Full Council in February for approval.