Decision details

2020/21 Budget Monitoring & Medium-Term Financial Plan (MTFP) Update

Decision Maker: Cabinet

Decision status: Recommmend Forward to Council

Is Key decision?: No

Is subject to call in?: Yes


Present an update of both the 2020/21 in-year financial position and progress towards setting a balanced budget for 2021/22


RESOLVED that Cabinet:-

a)           Notes the current budget position for 2020/21;

b)           Notes progress made in refreshing the MTFP and the key financial planning assumptions as set out in Appendix D2 and D3;

c)           Accepts the grant awarded for additional revenue and capital expenditure as set out in paragraph 86.  

d)           Approves the financial strategy as referenced in paragraphs 125 to 138 and as set out in Appendix D4

e)           Notes the actions of the report and the requests for future reports from both the Corporate Director for Children’s and the Chief Executive; and

f)            Requests the Corporate Director for Transformation to bring forward a report outlining how £15 million of ongoing Transformation savings will be achieved in 2021/22.

RECOMMENDED that Council:-

(a)         Requests that the Audit and Governance Committee review the financial regulations and consider whether new provisions are required for larger scale budget management actions taken by officers; and 

(b)         Approve the revenue and capital virements as set out in paragraphs 32 and 109.

Voting: Unanimous

Portfolio Holder: Leader of the Council


·           To comply with accounting codes of practice and best practice which requires Councils to regularly monitor the annual budget position and have a rolling multi-year MTFP.

·           To present a proposed financial strategy to support the delivery of a balanced budget for 2020/21.

·          To ensure the financial regulations remain fit for purpose

Report author: Nicola Webb, Daniel Povey

Publication date: 13/11/2020

Date of decision: 11/11/2020

Decided at meeting: 11/11/2020 - Cabinet

Effective from: 21/11/2020

Accompanying Documents: