Decision details

The Cabinet will be asked to consider the proposals for the 2020/2021 budget (and beyond) and Medium Term Financial Strategy for West Suffolk Council, prior to its approval by Council.  This report includes the Minimum Revenues Provision (MRP) Policy and Prudential Indicators.

RECOMMENDED TO COUNCIL: (25 February 2020)

That:-

1.       The revenue and capital budget for 2020-2024, including the capital budget flexibility set out in paragraph 5.7, attached at Attachment A and as detailed in Attachment D (Appendices 1-5), Attachment E (Appendices 1-3) and Attachment F to Report No: CAB/WS/20/025, be approved.

2.       The additional business rate reliefs set out in paragraphs 2.8-2.10 of Report No: CAB/WS/20/025, in support of our business community in particular our town centres and high streets in West Suffolk, be approved.

3.       Having taken into account the conclusions of the Assistant Director’s (Resources and Performance) report on the adequacy of reserves and the robustness of budget estimates (Attachment C) and the Medium Term Financial Strategy (MTFS) (Attachment D), particularly the Scenario Planning and Sensitivity Analysis (Attachment D, Appendix 5) and all other information contained in Report No: CAB/WS/20/025, the Cabinet recommends a £4.97 increase in Band D council tax across both predecessor areas of St Edmundsbury and Forest Heath.  This assumption is based on the option to harmonise the two predecessor areas by April 2022.  The level of Band D council tax for 2020/2021, therefore, be recommended to be set at £183.78 for the predecessor area of St Edmundsbury and £163.98 for the predecessor area of Forest Heath.  (Note: the level of council tax beyond 2020/21 will be set in accordance with the annual budget process for the relevant financial year.).

4.        The Assistant Director (Resources and Performance), in consultation with the Portfolio Holder for Resources and Performance, be authorised to transfer any surplus from the 2019/2020 revenue budget to the Invest to Save Reserve as detailed in paragraph 7.4, and to vire funds between existing Earmarked Reserves (as set out at Attachment D, Appendix 3) as deemed appropriate throughout the medium term financial planning period.

5.       The Flexible Use of Capital Receipts Strategy as set out in Attachment G, be approved.