Issue - meetings

That:

1. The draft Medium Term Financial Strategy be endorsed.

2. The funding gap of £1.790m in 2021/22 and £5.911m over the 5 year period covered by the MTFS be noted.

3. The approach to develop savings and income generation proposals in the medium term be agreed.

4. The current uncertainty regarding the medium term impact of Covid and local

government funding and the need for scenario planning and identification of savings options for best, worst and medium case scenarios be noted.

5. The draft MTFS be referred to Finance, Assets and Performance Scrutiny Committee for their views. 

Cabinet considered the Medium Term Financial Strategy (MTFS) outlining financial forecasts for the period 2021/22 to 2025/26 and how the Council would allocate its resources over the medium term to deliver its objectives. 

Councillor Sweeney reported that, to date, funding of £2,409,600m had been received from Government.  The current projections anticipated a figure of over £4m would be received in grant funding and compensation for lost income.  The Coronavirus pandemic would continue to impact negatively on the financial position of the Council and the effect on the Collection Fund was unclear at the moment.   

The Capital Strategy had been agreed in February 2020 and was for a ten year period.   The Strategy had been reviewed and updated in light of the impact of the pandemic, expected capital receipts and the decision to progress the Kidsgrove Sports Centre refurbishment project.  Work on the 2021/22 budget was at an advanced stage and draft proposals would be presented to Cabinet and Finance, Assets and Performance Scrutiny Committee in December. 

The Leader noted the thoroughness of the MTFS and thanked those staff who had worked to produce the Strategy; other Members endorsed those thanks.    

Resolved: That:

1. The draft Medium Term Financial Strategy be endorsed.

2. The funding gap of £1.790m in 2021/22 and £5.911m over the 5 year period covered by the MTFS be noted.

3. The approach to develop savings and income generation proposals in the medium term be agreed.

4. The current uncertainty regarding the medium term impact of Covid and local

government funding and the need for scenario planning and identification of savings options for best, worst and medium case scenarios be noted.

5. The draft MTFS be referred to Finance, Assets and Performance Scrutiny Committee for their views.