Decision details

Medium Term Financial Strategy and Budget Proposals - 2020/21

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Purpose:

To set the annual budget as required.

 

Decision:

RESOLVED to recommend to Council the approval of the following individual recommendations:

 

A)   Section 25 Report – Robustness of Estimates and Adequacy of Reserves:

I.              Takes account of the advice in the report when determining the 2020/21 General Fund budget and Council Tax

II.            Approves the risk assessment relating to the robustness of estimates as detailed in the report.

III.           Sets the minimum safe contingency level for 2020/21 at £1.300 million for the General Fund and £0.463 million for the Housing Revenue Account.

IV.          Approve the Reserves Strategy set out in Annexe A1

V.            Agrees that no transfers to or from the Working Balance should be built into the 2020/21 budget.

 

B)   Commercial Strategy

VI.          Approve the Commercial Strategy.

VII.         Approve the revised investment fund of £300 million.

 

C)   Medium Term Financial Strategy

VIII.        Approve The Medium Term Financial Strategy

 

D)   Treasury Management Strategy

IX.       Approve the Treasury Management Strategy

X.            Approve the amended maximum level of investment with Money Market Funds from £1 million per fund to £2 million. This means a total of £10 million investment over 5 Money Market Funds.

 

E) Capital Strategy

XI.          Approve the Capital Strategy

XII.         Approve the Minimum Revenue Provision (MRP) as set out in Annexe E1.

 

F) Capital Programme

XIII.      Approve the 5 year Capital Programme

 

G)   Housing Revenue Account (HRA)

XIV.     Approve the Housing Revenue Account

 

H)   General Fund Revenue and Council Tax

XV.      Approve the General Fund Council Tax requirement of £5,956,841

XVI.     Approve the schedule of fees and charges as set out in Annexe H6

 

I)     Equalities Impact Assessment

XVII.   Note the outcome of the EQIA.

 

Report author: Angela Knight

Publication date: 07/02/2020

Date of decision: 05/02/2020

Decided at meeting: 05/02/2020 - Cabinet

Accompanying Documents: