Decision - MEDIUM TERM FINANCIAL STRATEGY UPDATE - GENERAL FUND 2019/20 - 2023/24

Decision details

MEDIUM TERM FINANCIAL STRATEGY UPDATE - GENERAL FUND 2019/20 - 2023/24

Decision Maker: Executive

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Decision:

The Leader provided an update on the work of the Local Government Association’s Resources Panel, of which she was a Member, in respect to the further delay of the audit of the Council’s Statement of Accounts and the recently received Government Spending Review for 2020/21.

 

The Leader asked the Assistant Director (Finance & Estates) to escalate work on the commercialisation agenda, particularly the potential for the Council to purchase commercial property outside of the Borough boundary.

 

It was RESOLVED:

 

1.         That the Medium Term Financial Strategy (MTFS) principles, as outlined in Paragraph 4.1.7 of the report, be noted.

 

2.         That, for modelling purposes, Council tax increases be set at the threshold of 2.99%, subject to any change in government rules to achieve a balanced budget (Section 4.7.12 of the report refers).

 

3.         That the updated inflation assumptions used in the Medium Term Financial Strategy (Section 4.4 of the report refers) be approved.

 

4.         That a General Fund Financial Security Target of £1.9million be approved for the period 2020/21- 2022/23 (Paragraph 4.6.15 of the report refers). This includes increases in fees and charges.

 

5.         That the approach to Financial Security as set out in Section 4.6 of the be approved, and subject to approval of the Commercialisation Strategy at the November 2019 Executive meeting.

 

6.         That an amount of £100,000 for 2020/21 be approved for inclusion in the budget setting process as a Transformation Fund, to help deliver the Financial Security Target (Paragraph 4.5.5 of the report refers).

 

7.         That the unavoidable growth pressures as outlined in Paragraphs 4.5.2-4.5.4 of the report are approved, subject to the approval of the ICT Strategy at the October Executive meeting.

 

8.         That General Fund growth is only approved for the Council’s FTFC priorities and is funded from within the existing baseline budgets or by further savings in addition to the £1.9Million target identified (Paragraph 4.5.5 of the report refers).

 

9.         That the Leader’s Financial Security Group oversee the development of the 2020/21 – 2022/23 savings package.

 

10.      That a minimum level of balances for the General Fund of £2.88million be approved for 2020/21 (Section 4.11 of the report refers).

 

11.      That the MTFS is regularly updated for any material financial pressures so forecasts are updated, and is re-presented to the Executive for approval.

 

12.      That public consultation be commissioned in line with the requirements of the Council’s Consultation and Engagement Strategy.

 

13.      That the Trade Unions and staff be consulted on the key messages contained within the Medium Term Financial Strategies and more specifically when drawing up any proposals where there is a risk of redundancy.

 

Reason for Decision: As contained in report.

Other options considered: As contained in report.

Publication date: 11/09/2019

Date of decision: 11/09/2019

Decided at meeting: 11/09/2019 - Executive

Accompanying Documents: