The Cabinet considered an update to the Council’s 2020/21 to 2022/23 Medium Term Financial Plan (MTFP) forecasts and assumptions taking account of local and national changes including the 2019 Spending Review and Technical Consultation on the Local Government Finance Settlement announcements since the completion of the MTFP Summer Review and has agreed to
· Note the details of the report including the announcements made by Government since September impacting on the 2020/21 Local Government Finance Settlement and Local Government funding beyond 2020/21;
· Note the details of the 2020/21 Provisional Local Government Finance Settlement and the changes made to the Council’s revised MTFP as a result;
· Note and comment upon as appropriate, the financial forecasts for 2020/21 to 2022/23, and the key issues to be addressed in formulating a response to the financial challenges facing the Council;
· Note the £2.950m MTFP resource and the recommended options for use of the resource for consideration in the Cabinet Response to the MTFP;
· Approve £3.032m use of the unallocated one-off resources to support the funding of the priorities set out in paragraph 7.4;
· Note the £3.416m unallocated one-off resources identified and the recommended options for the use of the resource for consideration in the Cabinet Response to the MTFP;
· Note the budget reduction requirement for 2021/22 of £10.390m and £18.984m in 2022/23; and
· Take the final steps necessary to propose a balanced budget for 2020/21 to the Budget Council meeting on 27 February 2020.