Agenda item

To recommend to the Executive the draft Medium Term Financial Strategy for the period 2020-2025, the budget for 2020/21 and the Capital Strategy 2020-2025 for referral to Council.

Decision

That the Executive:

(1)       Recommends to Council for approval the draft Medium Term Financial Strategy 2020-2025 and the draft Capital Strategy 2020-2025, including the following specific elements:

·         a proposed Council Tax increase of 1.9% for 2020/21;

·         a housing rent increase of 2.7% for 2020/21, as agreed at Council on 21 January 2020;

·         the inclusion of the Council as a member of the Lincolnshire Business Rates Pool in 2020/21;

·         the General Fund revenue forecast 2020/21-2024/25 as shown in Appendix 1 of the report and the main basis on which the budget has been calculated, as set out in paragraph 4 of the report;

·         the General Investment Programme 2020/21-2024/25 as shown in Appendix 2 of the report and the main basis on which the programme has been calculated, as set out in paragraph 6 of the report;

·         the draft Housing Revenue Account forecast 2020/21-2024/25 as shown in Appendix 3 of the report and the main basis on which the programme has been calculated, as set out in paragraph 5 of the report;

·         the draft Housing Investment Programme 2020/21-2024/25 as shown in Appendix 4 of the report and the main basis on which the programme has been calculated, as set out in paragraph 7 of the report).

None.

Further to consideration of the Medium Term Financial Strategy 2020-2025 and the budget and Council Tax proposal for 2020/21 at the meeting of the Executive held on 20 January 2020, the initial draft had been subject to public consultation and scrutiny via the Council’s Budget Review Group. In addition, an all member workshop was undertaken during January 2020 to ensure that as large a number of members as possible had the opportunity to fully understand the financial position of the Council.

The minutes of the Budget Review Group’s meeting held on 5 February 2020 were appended to the report and it was noted that the Group had supported the Medium Term Financial Strategy in terms of its principles and the process that had been followed to develop it. No comments had been received in response to the public consultation.