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Medium Term Financial Strategy 2020/21-2024/25

Meeting: 29/10/2019 - Economic Regeneration and Leisure Committee (Item 64)

64 Medium Term Financial Strategy 2020/21-2024/25 pdf icon PDF 97 KB

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Minutes:

The Director of Finance and Business Improvement explained that the Draft Medium Term Financial Strategy (MTFS) had not changed significantly.  It had instead been adjusted to reflect recent shifts in strategic priorities, arising from the Council resolution on 10 April 2019 which recognised climate change and biodiversity emergencies.  It was stated that central government funding arrangements were to be maintained for the next year.  Therefore, if council tax was increased to reflect inflation and current savings targets were delivered, it was possible for Maidstone Borough Council (MBC) to continue to deliver all current services.  The possibility of expanding the capital programme, providing that the cost of borrowing money was acceptable, was highlighted. 

 

In response to questions from the Committee, the Director of Finance and Business Improvement replied that:

 

·  MBC continued to explore commercial property investment opportunities.  As all investments carried risk, capital investments were required to meet strict criteria prior to implementation. 

 

·  MBC had historically invested in the Borough, as this provided additional benefits to the local economy. 

 

·  The remaining funding for the Bridges Gyratory System was allocated to a flood defence barrier.

 

·  The introduction of 75% business rates retention was likely to be accompanied by additional responsibilities for local authorities.  Therefore, it was not anticipated that this would result in additional funding for the Council. 

 

The Committee considered the merits of allocating funds to facilitate the relocation of the Maidstone Mela to Mote Park.  It was stated that alternative approaches to funding the Maidstone Mela, such as external sponsorship and devolved Member budgets, were to be considered.  The Committee requested that the event organiser, Cohesion Plus, be invited to present a business case on 26 November 2019.

 

RESOLVED: That the Draft Medium Term Financial Strategy 2020/21 – 2024/25 be noted.