Agenda item

Summary:

Options considered:

This report presents for approval the 2020/21 budget along with the latest financial projections for the following three years to 2023/24.

The budget for the forthcoming financial year must be set annually. While there are options around the individual budgets presented for approval i.e. what is included in the budget for 2020/21, the overall position now presented for approval is the culmination of work carried out by officers and Members over a number of months, details of which are provided within the report.

Conclusions:

The Council’s budget is set for approval each year; as with last year it has been presented to the Overview and Scrutiny Committee for pre-scrutiny before going to Cabinet and ultimately Full Council. This report now presents a balanced budget for 2020/21 and also presents the latest financial projections for the following three financial years, 2021/22 to 2023/24. The budget has been produced based on a number of assumptions as detailed within the main body of the report and also reflects the provisional finance settlement announced on 20 December 2019. The report recommends that the surplus for the year is allocated to the newly created Delivery Plan Reserve. The report also outlines the risks facing the Council in setting the budget and forecasting future spending plans and resources.

Recommendations:

Reasons for

Recommendations:

Reasons for the

Recommendations:

It is recommended that Cabinet agree and where necessary recommend to Full Council:

1)            The 2020/21 revenue budget as outlined at appendix A1;

2)            The surplus of £158,015 is allocated to theDelivery Plan reserve as outlined in the report;

3)            The demand on the Collection Fund for 2020/21, subject to any amendments as a result of final precepts still to be received be:

a.    £6,305,671 for District purposes

b.    £2,466,446 (subject to confirmation of the final precepts) for Parish/Town Precepts;

4)            The statement of and movement on the reserves as detailed at appendix D;

5)            The release of £80,100 from the Planning Reserve to fund the North Walsham transport study;

6)            The updated Capital Programme and financing for 2020/21 to 2022/23 as detailed at appendix E1;

7)            The capital bids contained within Appendix E2;

8)            That the Council continues with the current Local Council Tax Support LCTS) scheme for 2020/21;

9)            That Members note the current financial projections for the period 2020/21 to 2023/24;

To recommend a balanced budget for 2020/21 for approval by Full Council.

Outturn Report 2019/19, Medium Term Financial Strategy 2020/21 – 2023/24, 2019/20 budget monitoring reports, O&S Draft Budget Review 2020/21.

Cabinet Member(s):

Cllr Eric Seward

Ward(s) affected

All