Issue - meetings

(a) That the progress on the completion of the Revenue and Capital Budgets and updated MTFS Funding Strategy for 2021/22 (Appendix 1) be noted.

(b) That the updated Medium Term Financial Strategy 2021/22 to 2025/26 (Appendix 2) be approved.

(c) That the strategy for ensuring a balanced revenue outturn position for 2020/21 be noted.

(d) That the calculation of the Council Tax base and the Council Tax increase to be proposed for 2021/22 of £5 per year per Band D equivalent property be noted.

(e) That the risk assessment at Appendix 3 and S151 Officer’s recommendation on the level of reserves and contingencies provisionally required to be maintained in 2021/22 be noted.

(f) That the draft Flexible Use of Capital Receipts Strategy (Appendix 6), updated for 2021/22, be noted.

(g) That the draft Capital Strategy (Appendix 7) for 2021-31 be noted.

(h) That the draft Treasury Management Strategy (Appendix 8) for 2021/22 be noted.

(i) That the draft Investment Strategy (Appendix 9) for 2021/22 be noted.

(j) That the draft Budget and Council Tax proposals be referred to Finance, Assets and Partnerships Scrutiny Committee for comment before the final proposals are considered at Cabinet on 3^rd February 2021.

Cabinet considered a report on the draft revenue and capital budgets for 2021/22.  The draft budgets were based on assumptions set out in the 5 year Medium Term Financial Strategy for 2021/22 to 2025/26.  A series of draft documents were also submitted for consideration prior to submission to full Council for approval – Flexible Use of Capital Receipts Strategy for 2021/31; the Treasury Management Strategy for 2021/22 and the Investment Strategy for 2021/22. 

Councillor Sweeney introduced the report.  Cabinet had been kept updated on the impact of the pandemic which had resulted in lost income and additional costs.  The Council had received various funding support streams from the Government as detailed in the report.  The latest tranche of emergency Coronavirus funding in the sum of £0.408m meant the Council could forecast a balanced outturn to be presented at year end; any variance would be paid into or from the general fund reserve.  The Government had also announced further financial support to local Councils for the first quarter of the forthcoming financial year.

Councillor Sweeney referred to the organisational review – the One Council programme – which was due to commence later in the month and would result in efficiencies and savings of circa £0.922m over a three year period and recurring.  The Borough Growth Fund would benefit from investment of £0.250m arising from savings and funding strategies as set out in the report.  These savings and funding strategies assumed a £5 per Band D equivalent property Council Tax increase.  The Capital Programme included the refurbishment works to Kidsgrove Sports Centre in 2021/22 along with other schemes, funded as set out in the report. 

Resolved:

(a) That the progress on the completion of the Revenue and Capital Budgets and updated MTFS Funding Strategy for 2021/22 (Appendix 1) be noted.

(b) That the updated Medium Term Financial Strategy 2021/22 to 2025/26 (Appendix 2) be approved.

(c) That the strategy for ensuring a balanced revenue outturn position for 2020/21 be noted.

(d) That the calculation of the Council Tax base and the Council Tax increase to be proposed for 2021/22 of £5 per year per Band D equivalent property be noted.

(e) That the risk assessment at Appendix 3 and S151 Officer’s recommendation on the level of reserves and contingencies provisionally required to be maintained in 2021/22 be noted.

(f) That the draft Flexible Use of Capital Receipts Strategy (Appendix 6), updated for 2021/22, be noted.

(g) That the draft Capital Strategy (Appendix 7) for 2021-31 be noted.

(h) That the draft Treasury Management Strategy (Appendix 8) for 2021/22 be noted.

(i) That the draft Investment Strategy (Appendix 9) for 2021/22 be noted.

(j) That the draft Budget and Council Tax proposals be referred to Finance, Assets and Partnerships Scrutiny Committee for comment before the final proposals are considered at Cabinet on 3^rd February 2021.