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Issue - meetings

Medium Term Financial Strategy - update

Meeting: 16/12/2020 - Policy and Resources Committee (Item 101)

101 Medium Term Financial Strategy - Update pdf icon PDF 74 KB

Minutes:

The Director of Finance and Business Improvement introduced the report which provided an update following the presentation of the Medium-Term Financial Strategy at the previous meeting of the Committee. The Local Government Finance Settlement had not yet been released, but a note would be circulated to all Councillors following its announcement.

 

The Chancellor’s spending review and the impacts for the Council were highlighted; financial support for the losses suffered from Covid-19 by local authorities would be extended into the next year and the cost of borrowing would be reduced by 1% for investment that did not focus solely on generating income.

 

The Director of Finance and Business Improvement confirmed that the settlement figures would not close the Council’s budget gap. The approach remained one of using the New Homes Bonus to bridge the budget gap, alongside the development of savings proposals. Detailed savings proposals would be presented to the Council’s service committees in January 2021.

 

It was noted that all Councillors would have the opportunity to attend briefings on the details of the Chancellor’s spending review, the local government finance settlement and draft savings proposals prior to Christmas.

 

RESOLVED: That the report be noted.