Decision details

To receive the Medium Term Financial Plan Update Report, including;

·          Progress towards delivering a balanced budget for 2020/21

·          Review of Earmarked Reserves

·          Impact of Chancellors 2019 Budget Statement

·          Consider a new Council Tax Discount for Care Experienced Young People

RESOLVED that Cabinet:-

(a)           Notes the good progress that has been made in developing a robust and lawful budget for 2020/21.

(b)           Notes the update on the strategic financial risks.

(c)           Endorses the review of earmarked reserves designed to support the Council’s Budget and MTFP process.

(d)           Approves the continuation of the current 2019/20 Local Council Tax Support Scheme (LCTSS) into 2020/21.

(e)           Approves the new Council Tax discount for BCP care experienced young people up to the age of 25.

(f)            Confirms the recommendation of the Overview and Scrutiny Board that Cabinet Portfolio Holders be requested to provide further detail on budget work and risk analysis on the savings identified to date in figure 1 of the MTFP report to Cabinet of 20 December, to the Overview and Scrutiny Board in January, and prior to the budget being presented.

Voting: Unanimous

Portfolio Holder: Finance

Reason

To comply with accounting codes of practice and best practice which requires Councils to have a rolling multi-year medium term finacncial plan.

To ensure Members develop a balanced budget for 2020/21.

To provide Cabinet with the latest high-level overview of the medium-term financial plan position for Bournemouth, Christchurch and Poole Council.

To ask Cabinet to approve the continuation of the current LCTSS and the introduction of a new Council Tax Discount for care experienced young people up to the age of 25.