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.