Decision details

To agree a revised MTFP 2020-24

The Executive RESOLVED to RECOMMEN that Council:

1.    Approve the updated forecast and assumptions in the latest Medium Term Financial Plan and request that a full review of the Plan is brought to Council in February 2021 alongside the draft 2021/21 Budget report; and

2.    Agree that capital receipts are applied to fund business transformation and efficiency projects as allowed under the statutory provisions.

Reason: The budget is a major decision for the Council and setting a balanced budget is a statutory requirement. As a result of the sudden and unexpected COVID-19 impact, the Council had to act quickly to take steps to address the significant projected net budget shortfall so that the Council can continue to function. A revised budget for 2020/21 was set in August and Council asked that the medium term financial projections are updated in December, ahead of the budget setting process in February 2021. The Medium Term Financial Plan projects future financial pressures and opportunities to enable the Council to take action to ensure sufficient funding is in place to deliver services.

This matter is recommended to Full Council for decision and is not subject to call-in.