Issue - meetings
Medium Term Financial Plan (MTFP) Refresh 2021/22 - 2023/24
Meeting: 07/10/2021 - District Executive (Item 79)
79 Medium Term Financial Plan (MTFP) Refresh 2021/22 - 2023/24 
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Decision:
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RESOLVED: |
That District Executive recommend that the Chief Executive:- |
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a. |
note the contents of this report and in particular the issues that will need to be considered as part of budget setting process, the need to get approval from Council for revised estimates for this financial year, and the next steps timeline;
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b. |
agree in principle SSDC’s continuing membership of the Somerset Business Rates Pool as discussed in paragraphs 74 and 75 of this report. |
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Reason: |
To update members on the 2021/22 revenue and capital budgets, taking account of last year’s outturn figures, the budget monitoring information for the first quarter of this financial year (2021/22), and other updated information that has an impact on the financial position of the Council. |
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Minutes:
The Portfolio Holder (Finance & Legal Services) presented the report which provided an indicative financial forecast for future years. He noted that the diagram at paragraph 7 of the report gave an overview of the pressures and issues to be considered for this version of the MTFP. Overall, the picture showed the authority was in a very sound position.
He highlighted key elements of the report and noted there was a lot of work to do by a specified date in readiness for the new unitary authority in 2023. There was also a need to move to the position of zero base budgeting in preparation for handover to the new authority. One matter that was not included within the report was financing of the work to transition to the new authority. This would be addressed in a future report as not enough information was known at the current time in order to formulate an estimated budget.
The Chairman of Scrutiny Committee thanked the Section 151 Officer for attending their meeting and answering questions. He referred to the comments raised at their meeting regarding Section 31 grants, Covid-19 grants, inflationary pressures due to energy costs, and the additional National Insurance contributions. In response, the Portfolio Holder and Section 151 Officer briefly summarised the answers provided at Scrutiny Committee.
There was no debate and members unanimously agreed the recommendations be confirmed by the Chief Executive.
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RESOLVED: |
That District Executive recommend that the Chief Executive:- |
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|
|
a. |
note the contents of this report and in particular the issues that will need to be considered as part of budget setting process, the need to get approval from Council for revised estimates for this financial year, and the next steps timeline;
|
|
|
b. |
agree in principle SSDC’s continuing membership of the Somerset Business Rates Pool as discussed in paragraphs 74 and 75 of this report. |
|
|
|
|
|
Reason: |
To update members on the 2021/22 revenue and capital budgets, taking account of last year’s outturn figures, the budget monitoring information for the first quarter of this financial year (2021/22), and other updated information that has an impact on the financial position of the Council. |
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