Issue - meetings

Cabinet received a report that provided an update on the county council's 2020/21 revenue and capital financial position, as at the end of December 2020 and an updated Medium Term Financial Strategy covering the period 2021/22 to 2023/24.

It was noted that there was an ongoing and unprecedented uncertainty in relation to future local government funding and the financial impact of the COVID-19 emergency has exacerbated the problem.

Following the presentation of the report, it was proposed and agreed that consideration of recommendation (iv) be deferred to the next meeting of Cabinet on 4 February 2021.

Cabinet also passed on their thanks to the Leader, as the Cabinet Member with responsibility for finance and all officers for their continued effort to manage the council's finances.

Resolved: That;

  i.  The current forecast underspend of £7.951m on the revenue budget in 2020/21 be noted;

  ii.  The revised funding gap of £53.956m covering the period 2021/22 to 2023/24 as set out in the revised financial outlook forecast for the council be noted;

  iii.  The budget adjustments for 2021/22, and following years' changes, included in the revised Medium Term Financial Strategy, be approved;

  iv.  Recommendations to Full Council on 11 February 2021 for a Band D Council Tax for 2021/22, be deferred until the next meeting of Cabinet on 4 February 2021;

  v.  The contents of the county council's reserves position be noted; and

  vi.  The revised 2020/21 capital delivery programme of £157.979m and the forecast outturn of £124.772m, be noted.