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Decision details

Setting the Revenue Budget 2020/21 (EX/20/18)

Decision Maker: Executive

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: No

Decisions:

Decision that

 

That the Executive are requested to consider the draft 2020/21 budget set out in section 10 and Appendix B, which shows a net budget requirement of £11,725k (an increase of £180k from 2019/20, £11,545k) and recommend this budget to the joint meeting of the Policy Review and Operations Review Committees and to all Members, stakeholders and the public for consultation.

 

That the Executive are requested to consider the revised Medium Term Financial Plan (MTFP) set out in section 9 and Appendix C, which shows a total future budgetary gap over the three-year financial period from 2020/21 to 2022/23 of £1,263k unless an appropriate course of action is not taken to eradicate this gap and recommend the MTFP to the joint meeting of the Policy Review and Operations Review Committees and to all Members, stakeholders and the public for consultation.

 

REASONS FOR the decision

 

The purpose of the report is to present the draft 2020/21 budget including the latest Medium Term Financial Plan (MTFP) to the Executive for their consideration and to seek their approval to recommend the draft budget for stakeholder consultation.

 

The Authority is required by law to set a balanced budget i.e. the anticipated ongoing costs of providing services should be equal to anticipated funding resources.  Further, it is vital that the budget is sustainable over the long term while achieving the Council’s corporate goals.

 

It is critical that the revenue budget is set in such a way as to ensure that the Council allocates its limited available resources effectively and efficiently, in order to continue providing value for money services and meet both its statutory obligations and its aims and objectives as outlined in the Community Strategy and Corporate Plan.

 

As resolved by the Council, the MTFP is required to be reviewed and updated annually and approved as part of the annual revenue budget setting process.

 

ALTERNATIVE OPTIONS considered and rejected

 

The Local Government Act 1992, Section 32 requires that all known and anticipated revenue budgetary requirements of the Authority for the forthcoming year be calculated prior to setting the Council Tax. This must be done no later than 11 March in the preceding financial year. Therefore, there are no alternatives other than to agree a balanced budget by the statutory deadline.

 

Report author: Matthew Bunyon

Publication date: 21/01/2020

Date of decision: 15/01/2020

Decided at meeting: 15/01/2020 - Executive

Accompanying Documents: