Agenda item

Capital and Revenue Budgets 2020/21

Minutes:

Background:

 

This report presented proposals for the capital and revenue budgets for 2020/2021. It was noted that the Cabinet had considered initial budget proposals on 19 November 2019, which had been developed in accordance with the principles set out in the Medium Term Financial Strategy (MTFS). The MTFS had identified a potential revenue shortfall of £5.956million in 2020/2021 rising to £17.327million by 2023/2024.

 

The report stated that the proposed revenue budget requirement of £322.957million (as set out in Appendix 2 to the report) exceeded the estimated available resources by £300,700. However, options were being considered to address this prior to the Council’s budget setting meeting on 20 February 2020.

 

The current capital programme for 2020/2021 was £469.838million, with a further £9.951million estimated for proposed additions to the programme for the next financial year, as detailed at section 12 of the report.

 

It was noted that budget proposals had been referred to all the Overview and Scrutiny Committees for consideration. The Overview and Scrutiny Committees’ views together with the recommendations of the Business Support Overview and Scrutiny Committee (30 January 2020) were set out for Cabinet in an addendum report.

 

The schedule of fees and charges was set out in Appendix 5 to the report.

 

The report set out the requirements under equality legislation and it was noted that an overarching Diversity Impact Assessment would be included in the budget report to Full Council on 20 February 2020

 

Decision

number:

 

Decision:

 

The Cabinet noted the comments from overview and scrutiny committees and the Employment Matters Committee as summarised in Appendix 1 of this report. 

 

22/2020

The Cabinet recommended to Council that the net revenue budget summarised at Appendix 2, should be set at £322.957million, and that this should be funded by a 3.994% increase in Council Tax for 2020/21 with the equivalent Band D figure at £1,471.96. It is anticipated that the £300,700 deficit will be met from an improved position on the Collection Fund.

 

23/2020

The Cabinet recommended to Council the capital budget proposals, as set out in Table 5 of the report and the £2.5 million virement at paragraph 12.5 of the report.

 

24/2020

The Cabinet recommended to Council the fees and charges set out in Appendix 5 to the report.

 

25/2020

The Cabinet recommended to Council the Flexible Use of Capital Receipts Strategy set out in Appendix 6 to the report.

 

26/2020

The Cabinet agreed that the Chief Finance Officer be requested to calculate the formal requirements under Sections 30 to 36 of the Local Government Finance Act 1992 for resolution by Special Council on 20 February 2020.

27/2020

The Cabinet recommendedto Full Council that £25,000 funding for the review of MedPay is included in the budget for 2020/21.

 

Reasons:

 

The constitution requires that Cabinet’s budget proposals must be referred to Council for consideration and approval.

 

The Council is required by statute to set a budget and Council Tax levels by 11 March each year.

Supporting documents: