Agenda item

(a)  That the updated MTFS for 2020/23 be noted.

(b)  That the need for Council to set a balanced budget for 2020/21 be noted; and

(c)  That the issues and actions set out in the report which informed the development of the Council’s MTFS for 2020 to 2023 be noted.

The Lead Member Governance & Customer Services and the Director of Finance & Resources introduced a report that updated the Cabinet on progress since the current Medium Term Financial Strategy (MTFS) had been approved by Council in February 2019, highlighting new developments and government announcements since that time and summarised the next steps for the revised strategy to 2022/23.

The Cabinet noted the key drivers for the authority’s financial strategy and the revised projections.  The MTFS agreed in February set out balanced revenue budgets for the following three years which provided a sound base to respond to any further pressures that would emerge.

The update for 2020/21 currently included provision for a further £2.7m Slough Children’s Services Growth Bid for pay inflation and other staff, legal and placement costs.  This was on top of the £1.4m growth provided in the current year and any financial consequences of the in year overspend reported in the 2019/20 revenue budget monitor.  The growth proposal would be worked up by the Trust with the assistance of the LGA Review and the amount requested would therefore be subject to review.

The key aspects of the Chancellor’s Spending Review announced on 4^th September were summarised.  This included an extra £1bn nationally for social care and there would be consultation on a further 2% Council Tax precept for adult social care.  There was additional revenue support in 2020/21 to support children with special educational needs, however, it was also noted that the Department for Education’s capital budget would be cut by 10%.  A further update would be provided on the impacts for the Council in the next scheduled report to Cabinet in November 2019.

The Cabinet noted the report and the timetable for the budget setting process for the next year.

Resolved –

(a)  That the updated MTFS for 2020/23 be noted.

(b)  That the need for Council to set a balanced budget for 2020/21 be noted; and

(c)  That the issues and actions set out in the report which informed the development of the Council’s MTFS for 2020 to 2023 be noted.