The Director of Finance will submit a report (Document “DI”) which assesses the robustness of the proposed budget for 2021/22, the adequacy of forecast levels of reserves and associated risks. 

It concludes that the estimates are sufficiently robust for the Council to set the budget. 

It also concludes that the General Fund and unallocated reserves should be maintained at their current levels over the period of the financial strategy to ensure the continued financial resilience of the Council

Recommended –

That Members have regard to this report in setting the budget, and in particular note the conclusions that:

• the estimates presented to Council are sufficiently robust

• the reserves are adequate for the 2021/22 proposed budget

• the projected corporate reserves, on current estimates, are adequate in the medium term, subject to the implementation of the rest of the proposed financial plan

• the Medium Term Financial Strategy will be updated and reported to Executive as clarity on future local government funding is received.  

As with all budgets there is the potential for amendments to be proposed/agreed which could change the overall package of proposals. In that respect, it should be highlighted that this statement would be amended or added to if a decision was proposed that lead to the Council’s reserves falling below their recommended level. In addition, any other amendments would be considered against the scale of the overall budget and depending upon the extent and nature, may result in a revised statement.

Overview and Scrutiny Committee: Corporate

(Chris Chapman – 01274 433656)

Resolved –

That it be recommended to Council that  Members have regard to Executive Document “DI” and the Addendum tabled at the meeting  in setting the budget, and in particular note the conclusions that:

·         the estimates presented to Council are sufficiently robust.

·         the reserves are adequate for the 2021/22 proposed budget.

·         the projected corporate reserves, on current estimates, are adequate in the medium term, subject to the implementation of the rest of the proposed financial plan.

·         the Medium Term Financial Strategy will be updated and reported to Executive as clarity on future local government funding is received.

ACTION: Director of Finance

Overview and Scrutiny Committee: Corporate

(Chris Chapman – 01274 433656)

The Director of Finance submitted a report (Document “DI”) which assessesd the robustness of the proposed budget for 2021/22, the adequacy of forecast levels of reserves and associated risks. 

It concluded that the estimates are sufficiently robust for the Council to set the budget. 

It also concluded that the General Fund and unallocated reserves should be maintained at their current levels over the period of the financial strategy to ensure the continued financial resilience of the Council.

The Director of Finance stated that in his role as the Section 151 officer, the proposed budget was sufficiently robust and provided Council with the assurances to enable them to set the budget.