Issue - meetings

Revenue and Capital Budget Update – Medium Term Financial Plan 2020/21 to 2022/23

 

 

Meeting: 07/11/2019 - Cabinet (Item 68)

68 Revenue and Capital Budget Update – Medium Term Financial Plan 2020/21 to 2022/23 pdf icon PDF 144 KB

Report of the Head of Corporate Resources

Minutes:

The Cabinet considered the report of the Head of Corporate Resources that detailed the latest position with regard to Government funding             announcements for 2020/21; the update to the Medium Term Financial Plan (MTFP) for 2020/21 to 2022/23 taking account of all currently available information and the funding issues being faced by High Needs and Secondary Schools.

 

 

Decision Made: That the Cabinet:

 

(1)           approved the updated Medium Term Financial Plan for 2020/21 to 2022/23 and any assumptions made;

(2)           noted the funding pressures being faced by the Council within High Needs and Secondary Schools and the actions being taken to address these;

 

(3)           noted the Council’s position in relation to its financial resilience; and

 

(4)           approved a full review of reserves and balances, the outcome of which will be reported to Cabinet in December 2019.

 

Reasons for the Recommendation(s):

 

In March 2017 Council approved a three-year budget plan to March 2020. The final year of this plan was revised in February 2019 as part of the process of setting the 2019/20 budget.  As part of this report, an indicative budget gap of £45m for 2020/21 to 2022/23 was reported.  The MTFP for this period has subsequently been updated to reflect the latest information available.  In approving the recommendations laid out in this report, the Council will continue to ensure resources are well managed and reflect the key priorities of the residents of Sefton.

 

Alternative Options Considered and Rejected:

 

None