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Medium Term Financial Strategy 2020/21-2024/25
- Enc. 1 for Medium Term Financial Strategy 2020/21-2024/25, item 112 PDF 368 KB View as HTML (112/2) 412 KB
- Enc. 2 for Medium Term Financial Strategy 2020/21-2024/25, item 112 PDF 49 KB View as HTML (112/3) 10 KB
- Enc. 3 for Medium Term Financial Strategy 2020/21-2024/25, item 112 PDF 373 KB
The Director of Finance and Business Improvement presented the Medium Term Financial Strategy 2020/21 – 2024/25 and circulated an update from the service committee considerations of the same item for Policy and Resources to consider. The update showed that Economic Development and Leisure Committee had considered allocating funds to relocate Maidstone Mela to Mote Park but would consider alternative approaches to funding such as external sponsorship and Members’ devolved budgets. Strategic Planning and Infrastructure Committee had raised their concerns regarding the Planning overspend, due to reduced major applications income, and that they questioned whether a 5% increase in parking fees would automatically lead to a 5% increase in revenue.
The Medium Term Financial Strategy had no major changes due to the recently adopted Strategic Plan and the roll forward of the Local Government spending settlement. This meant that a standstill budget could be set as long as the committed savings were made and Council Tax was increased by the rate of inflation. Inflation had also been factored into costs within the Strategy.
Questions were raised over a proposed highways scheme, a red route along Bishop’s Way and how that would get into the capital programme if the Borough were to contribute to it. It was noted that officers had to make bids into the capital programme in November and certainly no later than December.
Concerns were raised over the potential impact of the General Election and changes to the Local Government Financial Settlement. An additional diary date of 8 January 2020 for an urgent Policy and Resources had been put in, if it was required. Regardless of what emerged the Council had to set a balanced budget so it might have to draw on reserves, but this was a contingency plan and the money could only be spent once.
1. Council is recommended to adopt the Medium Term Financial Strategy 2020/21 – 2024/25 as set out in Appendix A;
2. Council endorses the financial assumptions underlying the Medium Term Financial Strategy;
3. Council agrees the Council Tax setting principle set out in paragraph 2.12 of the report.