Issue - meetings

The Director of Finance and Business Improvement introduced the report, which had been prepared in the context of the continued impact of the Covid-19 pandemic and the proposed re-prioritisation of the Strategic Plan objectives as reported to the Policy and Resources Committee. An updated version of the Medium Term Financial Strategy (MTFS) would be presented to the Policy and Resources Committee in February 2021, prior to the MTFS’s presentation to Council later that month.

The Committee were informed that Council Tax would likely increase by 2% with the Council awaiting further information on the level of business rate retention in the Local Government Finance Settlement, for the next financial year. The results of the residents’ survey undertaken were noted, with the two most important services identified as waste collection and parks and open spaces. Around one third of respondents agreed that the Council represented value for money for the services provided.

In response to questions on the funding available to the Committee, it was confirmed that the Council’s was focusing on improved use of funds, rather than cutting services. The reduction in borrowing costs in providing greater flexibility to the Capital programme was referenced with regard to future projects.

It was requested that neutral, adverse and positive financial scenarios assuming a freeze in Council Tax also be presented to the Policy and Resources Committee, before agreement was sought from Council to an increase in February 2021. The Director of Finance and Business Improvement highlighted that if Council Tax was not increased, £320,000 in revenue would be lost and would have to be found, for example through cuts in services. 

RESOLVED: That the Medium-Term Financial Strategy 2021/22-2025/26 be noted and the Committee’s comments be taken into account.