Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To consider the Medium Term Financial Strategy.

RECOMMENDED TO CABINET: That they recommend to Full Council the adoption of the Medium Term Financial Strategy 2022-2027 as outlined in Appendix A.

REASON FOR DECISION: Adoption of a MTFS and communication of its contents will assist in the process of forward planning the use of Council resources and in budget setting for 2022/2023 to 2026/2027, culminating in the setting of the Council Tax precept for 2022/23 in February 2022. This will (alongside the Council Plan) support the Council in setting a budget that is affordable and aligned to Council priorities.

Audio Recording – 36 minutes 15 seconds

The Service Director – Resources presented the report entitled Medium Term Financial Strategy and advised:

·         The Communications team will look at the wording of the report to make it more accessible to public and improve the presentation, but the principles and technical content are correct.

·         The report has factored in the impacts of Covid 19.

·         It was assumed that there will not be a new funding formula.

·         It was assumed that there will be a small increase in the Council Tax base. As Covid restrictions reduce more people are expected to be able to pay Council Tax.

·         Council Tax will be increased by highest amount allowed without a referendum.

·         There will need to be £1.8million of savings per year by the end of the 5-year period.

·         The report offered details on areas that will be targeted for these savings; through increase automation of services, increase income from commercial activities and reduction of some services.

Following a vote, it was:

RECOMMENDED TO CABINET: That they recommend to Full Council the adoption of the Medium Term Financial Strategy 2022-2027 as outlined in Appendix A.

REASON FOR DECISION: Adoption of a MTFS and communication of its contents will assist in the process of forward planning the use of Council resources and in budget setting for 2022/2023 to 2026/2027, culminating in the setting of the Council Tax precept for 2022/23 in February 2022. This will (alongside the Council Plan) support the Council in setting a budget that is affordable and aligned to Council priorities.