Issue - meetings

Budget Forecast Update

Meeting: 13/01/2021 - Cabinet (Item 332)

332 2021/22 Budget Update pdf icon PDF 267 KB

Finance

To consider the update on the budget setting process for 2021/22 and proposals to close the budget gap.

Additional documents:

Decision:

1.  That the savings options, income generation proposals and budget pressures, shown in Annexes 1 – 3 to the report, be noted.

2.  That the forecast budgetary impact of coronavirus, shown in Annex 4 to the report, be noted.

3.  That the budget position for 2021/22 and Medium Term Financial Forecast, shown in Annex 5 to the report, be noted.

 

Minutes:

Consideration was given to a report by the Finance Portfolio Holder which updated Cabinet on changes to the 2021/22 budget forecast since the Medium Term Financial Strategy was presented in December.

This included; the provisional Local Government Finance Settlement, New Homes’ Bonus provisional allocations, the impacts of coronavirus and changes to revenue savings and pressures.

It also provided an updated Medium Term Financial Forecast covering 2021/22 to 2023/24.

In order to achieve a balanced budget, it will be necessary to close the remaining gap of £577,100 before figures are finalised in February 2021.

 

Having considered the options and for the reasons set out in the report, Cabinet agreed to the following:

Resolved:

1.  That the savings options, income generation proposals and budget pressures, shown in Annexes 1 – 3 to the report, be noted.

2.  That the forecast budgetary impact of coronavirus, shown in Annex 4 to the report, be noted.

3.  That the budget position for 2021/22 and Medium Term Financial Forecast, shown in Annex 5 to the report, be noted.