Issue - meetings

SSDC Financial Strategy 2020/21 - Revised

Meeting: 06/08/2020 - District Executive (Item 170)

170 SSDC Financial Strategy 2020/21 - Revised pdf icon PDF 217 KB

Additional documents:

Decision:

 

RESOLVED:

That District Executive agreed to:-

 

a.

note the updated Medium Term Financial Plan estimates;

 

b.

note and support the updated Financial Strategy as a result of updated forecasts of estimated available resources;

 

c.

note the anticipated need for the use of earmarked reserves to mitigate temporary falls in income;

 

d.

note the intention to revisit the funding of the regeneration schemes and report back to District Executive with revised forecasts and recommendations.

Reason:

To provide Members with an updated Financial Strategy for 2020/21 onwards and provide information regarding the initial Medium Term Financial Plan (MTFP) estimates for the period 2021/22 to 2024/25 incorporating the forecast impact of the Covid-19 pandemic. 

 

Minutes:

The Portfolio Holder for Finance and Legal Services advised that the Council’s income had changed dramatically and the extent of the Government support was not yet known although the Council had reserves to cover this.  He noted that the summary at Table 1, point 8 listed the changes as lost income and additional expenditure.  He also noted that Table 5 at paragraph 16 had two typographical errors which had been corrected.  He said that officers were working to close the budget gap for 2021/22 which was due to the drop in Council income. 

 

The Section 151 Officer reminded Members that the figures had been updated since those presented at the July meeting.  She also noted the predicted future assumptions of income per service at point 14 and said that unlike many other councils, SSDC was not having to consider a S.114 notice.

 

The Scrutiny Chairman thanked the Section 151 Officer for attending their meeting earlier in the week and answering Members questions regarding the report.  She had clarified that details of the Governments financial settlement for Councils during the pandemic was not yet known and there were sufficient reserves to cover the shortfall without reducing them to zero.  Business Rates pooling arrangements were not yet clear for future years.

 

Members thanked the Section 151 Officer and her staff for maintaining the budget during the Covid-19 pandemic

 

At the conclusion of the debate, Members were content to note the recommendations of the report.

 

RESOLVED:

That District Executive agreed to:-

 

a.

note the updated Medium Term Financial Plan estimates;

 

b.

note and support the updated Financial Strategy as a result of updated forecasts of estimated available resources;

 

c.

note the anticipated need for the use of earmarked reserves to mitigate temporary falls in income;

 

d.

note the intention to revisit the funding of the regeneration schemes and report back to District Executive with revised forecasts and recommendations.

Reason:

To provide Members with an updated Financial Strategy for 2020/21 onwards and provide information regarding the initial Medium Term Financial Plan (MTFP) estimates for the period 2021/22 to 2024/25 incorporating the forecast impact of the Covid-19 pandemic.