Issue - decisions

Budget Targets 2020/21

25/09/2019 - Budget Targets 2020/21

The Committee:

(1)            Noted the recommendations of Financial Policy Panel held on 10 September 2019.

(2)            Agreed the following overall budget targets for 2020/21:-

a)              estimates are prepared including options to reduce organisational costs by £544,000 in 2020/21 subject to government grant announcement, to minimise the use of working balances and maintain a minimum working balance of £2.5 million in accordance with the medium term financial strategy;

b)              that at least £290,000 additional revenue is generated from an increase in discretionary fees and charges, based on a minimum overall increase in yield of 3.0%, with the exception of car parking which is set at 6.0% as these charges are adjusted every two years;

c)               that a provision for pay award is made of £400,000 that allows for a 2% cost of living increase;

(3)            Agreed that further savings are identified for inclusion within the new Medium Term Financial Strategy for 2020-2024 to reduce the Council’s net operating costs by a minimum of £1,825,000 over the period 2020/21 to 2023/24;

(4)            That Capital Member Group seeks to maintain a minimum capital expenditure programme to control the use of capital reserves between 2020 and 2024, subject to an appropriate prioritisation of spend to save and externally funded schemes.