The Director of Finance and Business Improvement introduced the
report and referenced the Medium Term
Financial Strategy presented to the Committee on 1 December 2020,
whereby the financial implications and budget gap caused by
Covid-19 were outlined.
As a result of the Local Government Finance Settlement and the
Chancellor’s Spending Review, the Council’s budget gap
had been reduced from £2.4 million to £1.6 million but
remained significant. Proposed savings focussed on business
transformation and protecting frontline services, totalling
£0.7 million for this Committee.
The commitment to capital investment would continue and interest
rates remained low. The proposed capital programme was expected to
be worth over £80m over the next five years.
RESOLVED: That
1.
The revenue budget proposals for services within the
remit of this Committee, as set out in Appendix A to the report, be
agreed for submission to Policy and Resources Committee;
and
2.
The capital budget proposals for services within the
remit of this Committee, as set out in Appendix B to the report, be
agreed for submission to Policy and Resources Committee.