The Cabinet considered an update on the forecasts for the Council’s finances for the period 2021/22 to 2022/23 following the provisional Local Government Finance Settlement announced on 17 December 2020, and agreed to:-
· Note the details of the 2021/22 Provisional Local Government Finance Settlement and the expected date of the announcement of the Final Local Government Finance Settlement;
· Note, and comment upon as appropriate, the financial forecasts for 2021/22 to 2022/23;
· Note and approve the indicative budget adjustments since the MTFP Update presented to the Cabinet meeting on 22 December 2020 resulting in savings requirement of £7.551m in 2021/22;Approve the allocation of £5.511m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process as set out in paragraphs 3.4 to 3.6;
· Note the Section 151 Officer recommendation to increase the Council’s General Fund Balance by £4.983m in 2021/22 aligned to his risk assessment of the budget and the adequacy of reserves and balances to support the 2021/22 Budget; and
· Take the necessary steps to propose a final balanced 2021/22 Budget including the proposed Council Tax increase to be recommended for approval at the Council meeting on 25 February 2021.