Decision details

Draft Medium Term Financial Plan 2021/22 - 2026/27

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

To consider the draft Medium Term Financial Plan which is a key element of the Council's corporate planning framework that ensure the Council has sufficient financial resources to deliver its statutory responsibilities and the Council Plan priorities

Decisions:

Summary

 

The Deputy Leader and Finance and Assets Portfolio Holder provided a highly detailed presentation on the draft Medium Term Financial Plan (MTFP). The Plan was a key element of the Council’s corporate planning framework to ensure that the Council had sufficient financial resources in the short to medium-term to deliver its statutory responsibilities and its Council Plan priorities.

 

Due to the impact of Covid-19, the report included high-level projections based on the information as at early July 2021. The projections would be regularly reviewed and report during the 2021/22 budget preparation process. The Council was required by statute to set a balanced budget in February/ March 2022.

 

The Plan ensured that the Council had a sound basis for allocating resources and effective financial management over the medium term.

 

Discussion took place on the potential for legacy money as a result of Local Government Reform (LGR), concerns about the length of time it may take to conclude LGR and residents praise for the Council and Government for issuing funds to ensure their businesses could remain trading despite the impact of the ongoing Covid-19 pandemic. Members thanked officers across the Council for their hard work to ensure that the Council found itself in a strong financial position going forwards.

 

Decision

 

RESOLVED – That:-

 

(1)  the proposed Medium Term Financial Plan be recommended to Council for approval;

 

(2)  a budget of £250,000 to fund work associated with Local Government Reorganisation be recommended to Council for approval; and

 

(3)  the Grant funding associated with the Welcome Back Fund be accepted and the increased budgets of £217,000 be recommended to Council for approval.

 

Reasons for Decision

 

The decision will ensure that the Council has sufficient financial resources in the short to medium term to delivery its statutory responsibilities and its Council Plan priorities. This will be done through ensuring financial resources to deliver priority.

 

Alternative Options Considered and Rejected

 

The assumptions forming the MTFP could be amended. This is not recommended, as the proposals are regarded as the most appropriate option when considered against the need to secure financial resilience and deliver the Council Plan priorities.

Report author: Claire Read

Publication date: 26/07/2021

Date of decision: 21/07/2021

Decided at meeting: 21/07/2021 - Cabinet

Accompanying Documents: