Issue - decisions

2020/21 Budget Monitoring & MTFP Update

13/11/2020 - 2020/21 Budget Monitoring & Medium-Term Financial Plan (MTFP) Update

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