Agenda and minutes

Members are asked to declare the existence and nature of any Disclosable Pecuniary Interests in respect of any item of business to be considered at the meeting

No declarations of interest were made in relation to Items of business to be dicussed at the meeting.

The Panel is asked to confirm the Minutes of the Meeting of the Panel held on 2 February 2021 (attached) and to authorise the Chairman to sign them.

The Minutes of the previous meeting of the Financial Policy Panel held on 2 February 2021 were agreed as a true record and signed by the acting Chair.

This report seeks guidance on the approach to be used in preparing the budget for 2022/23.

The Panel received a report seeking guidance on the approach to be used in preparing the budget for 2022/23.

The report requested the Panel’s support for the proposed budget setting strategy and highlighted that the forecast balanced position for 2022/23 is contingent on many uncertain factors, which may change throughout the budget process, including:

•           That the Government delays implementation of its Fair Funding Review, as expected.

•           That the Council is able to deliver all the savings already included within the Financial Plan.

•           No new growth in expenditure.

The following matters were raised by Councillors:

a)            The Council’s progress in implementing the new staffing structure and recruiting to vacant posts - Action – the number of posts currently vacant to be circulated to FPP members.

b)            The level of revenue reserves, including the Business Rates Equalisation Reserve and whether these reserves could be re-purposed;

c)            The potential impact of central government’s Fair Funding Review on the Council’s budget position and forecast reserve levels;

d)            The deliverability of savings within the Medium Term Financial Strategy;

e)            The extent to which income from Council services, in particular car parks, is recovering.

f)             The adequacy of resources allocated to the Local Plan and planning appeals.

Following consideration, the Panel resolved:

(1)      To support the 2022/23 budget setting strategy, as set-out in this report;

(2)      To support the budget setting timetable at Appendix 1.