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Strategic Plan Review Update and MTFS

Meeting: 25/11/2020 - Policy and Resources Committee (Item 80)

80 Strategic Plan Review Update and Medium-Term Financial Strategy pdf icon PDF 72 KB

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The Chief Executive introduced the report stating that the Committee had begun the process of refreshing the Strategic Plan in July, where they had agreed that whilst the priorities and ambitions remained the same, the plan’s outcomes for the next five years for each of the priorities should be reviewed.


Appendix A to the report summarised the progress made concerning the refresh of the Strategic Plan. The future service delivery and efficient improvements for planning and economic development were highlighted, with feedback from Members welcome due to the current formative stage of the work. Key Councillors that included the Leader of the Council, Leader of the Conservative Group and the Chairmen of the Strategic Planning and Infrastructure Committee and Planning Committee would be consulted in finalising the scope of the work to be undertaken.


The Director of Finance and Business Improvement introduced the Draft Medium-Term Financial Strategy (MTFS), with the transformational approach to savings highlighted. It was likely that Council Tax would be increased by 2% as the Council’s biggest source of revenue. Other important sources of income included planning fees and parking income. Parking income had been seriously affected by Covid-19.


The Chancellor’s statement was referenced, with regards to the possibility that the Council would retain the same proportion of Business Rates Income as in previous years and the continuation of the existing financial settlement. The budget report to be presented in February 2021 would include greater detail into the MTFS as a result. The results of the resident survey undertaken were highlighted, with the top two most important service to residents identified as waste collection and parks and open spaces.


In response to questions, it was confirmed that the New Homes Bonus (NHB) and funding from the Kent Business Rates Retention Pool (KBBRP) could be used to temporary close the budget gap. The NHB was usually used for capital spending, with the Council’s borrowing likely to increase as a result and the KBRRP usually used for economic development. From 2023 onwards, the Council’s reserves would be increased. A 2% increase in Council Tax would total an additional £320,000.




1.  The Strategic Plan Review update be noted alongside the feedback given;


2.  The Draft Medium Term Financial Strategy 2021/22 – 2025/26 as shown as Appendix B to the report, be endorsed; and


3.  The Council Tax setting principal as set out in paragraph 2.5 of the report be agreed.