Issue - meetings

Medium Term Financial Plan (Revised Budgets) 2021-22

Meeting: 25/11/2021 - Cabinet (Item 8.)

8. Medium Term Financial Plan (Revised Budgets) 2021-22 pdf icon PDF 1 MB

Report of Councillor P Parkin, Portfolio Holder for Finance

 

Key Decision

Decision:

RESOLVED

 

(1)  That Cabinet approved the use of the Resilience Reserve to fund the approved growth for the waste recycling service, as specified in the report.

 

(2)  Cabinet approved that any subsequent under-spend on the General Fund in respect of 2021/22 be transferred to the Resilience Reserve to “pay-back” the contribution made during the current financial year and increase financial resilience for future years.

 

(3)  Cabinet recommend to Council that:

 

(a)  The budget in respect of the General Fund as set out in Appendix 1 of the report be approved as the Current Budget for 2021/22

 

(b)  The budget in respect of the Housing Revenue Account (HRA) as set out in Appendix 3 of the report be approved as the Current Budget for 2021/22

 

(c)  The Capital Programme as set out in Appendix 4of the report be approved as the Current Budget for 2021/22.

 

REASONS FOR DECISION

 

To enable revised budgets to be prepared as early as possible within the financial year, in order to provide sufficient time to allow any planned changes to be delivered. The Council has faced financial challenges this year putting pressure on the ability to set a balanced General Fund budget. Careful budget management, use of reserves ring fenced for providing resilience when needed, and the ongoing progression of the Transformation Agenda has mitigated this.

 

OTHER OPTIONS CONSIDERED AND REJECTED

 

No alternative options were considered. Decisions on how resources are used will be taken by Members as part of the 2022/23 Medium Term Financial Planning process.

 

This is a Key Decision.  The call-in period for the decision will run until Monday 6 December 2021