Issue - meetings

To consider the report of the Chief Officer Financial Services which provides an update on any changes to assumptions contained in the Medium Term Financial Strategy, as reported to the Board in July 2019; details the announcement by the Chancellor on the 4th September 2019 regarding a one year settlement for 2020/21; presents budget savings proposals that have been identified since the July Board meeting for 2020/21 and sets out the implications of these changes upon the estimated budget gaps that have previously been reported.

Further to Minute No. 34, 24^th July 2019, the Chief Officer (Financial Services) submitted a report providing an update on any changes to assumptions contained in the Medium Term Financial Strategy, as reported to the Board in July 2019; which detailed the announcement by the Chancellor on the 4th September 2019 regarding a one year settlement for 2020/21; presented a budget saving proposal which had been identified since the July Board meeting for 2020/21 and which set out the implications of such changes upon the estimated budget gaps that have previously been reported.

Members commented upon a number of issues including the current position of the Minimum Revenue Provision and the ongoing exercise of re-financing the Council’s debt. In response to an enquiry, the Board received further detail on the current position regarding that re-financing exercise, and also in respect of the Government’s recent decision to increase the interest rate of the Public Works Loan Board (PWLB). Regarding the interest rate rise of the PWLB, the Board noted that representations had been made to Civil Servants about the timing of the rise together with the lack of consultation which had taken place.

RESOLVED –

(a)  That the revisions to the Council’s Forecast Budget Gap for 2020/21 to 2024/25, as summarised in Table 2 and as referenced in paragraph 4.4 of the submitted report, be agreed;

(b)  That agreement be given for a consultation process to be commenced in respect of the planning charges budget saving proposal, as contained within the submitted report.