Issue - meetings


Budget & Business Planning 2020/21) process and scene setting

Meeting: 05/10/2020 - Executive (Item 52)

52 Budget and Business Planning Process 2021/22 - 2025/26 pdf icon PDF 394 KB

Report of the Director Of Finance

 

Purpose of report

 

This report is to inform the Executive of the proposed approach to the 2021/22 Budget and Business Planning Process and provides context and background information on the existing Medium Term Financial Strategy and information on latest government announcements relevant to the Strategy.

 

Recommendations

            

The Executive is recommended to:

 

1.1       Approve the Budget and Business Planning Process for 2021/22.

 

1.2       Approve a five-year period for the Medium-Term Financial Strategy to 2025/26 and three-year period for the Capital Programme to 2023/24.

 

Additional documents:

Decision:

Resolved

 

(1)           That the Budget and Business Planning Process for 2021/22 be approved.

 

(2)           That a five-year period for the Medium-Term Financial Strategy to 2025/26 and three-year period for the Capital Programme to 2023/24 be approved.

 

Minutes:

The Director Of Finance submitted a report to inform the Executive of the proposed approach to the 2021/22 Budget and Business Planning Process. The report also provided context and background information on the existing Medium Term Financial Strategy and information on latest government announcements relevant to the Strategy.

 

Resolved

 

(1)           That the Budget and Business Planning Process for 2021/22 be approved.

 

(2)           That a five-year period for the Medium-Term Financial Strategy to 2025/26 and three-year period for the Capital Programme to 2023/24 be approved.

 

Reasons

 

The Council has a legal obligation to set a balanced budget and ensure it maintains a suitable level of reserves each year.  The process laid out in this report will allow CDC to develop budget proposals that will allow it to meet these legal obligations.

 

Alternative options

 

The Council has a legal obligation to set a balanced budget and evaluate its level of reserves to ensure they are held at a suitable level.  Therefore; there are no alternative options other than to carry out a budget process that reviews the levels of reserves and identifies a budget proposal that can be delivered within the overall level of resources available to the Council.