The Cabinet considered its proposed 2021/22 Revenue Budget outlining the Council’s financial outlook and challenges across the medium term period 2021/22 to 2022/23 and recommended to the Council Meeting that it:-
· Approve the Budget for 2021/22 described in the report and set out in Appendix 2 and 3;
· Note the risk assessment of the 2021/22 Budget at Appendix 5 and the report of the Section 151 Officer on the adequacy of proposed financial reserves and robustness of the estimates included at Appendix 5;
· Approve the required increase to the Council’s General Fund Balance to reflect the Section 151 Officer assessment of risks;
· Note, comment upon and approve the financial forecasts and assumptions for 2021/22 to 2022/23 at Appendix 6, and the key issues to be addressed in formulating a response to the future financial challenges facing the Council;
· Pass the appropriate Council Tax resolutions which produce a Council Tax increase of 3.5% in 2021/22 (2% General increase and 1.5% Adult Social Care Precept increase) as illustrated in Appendix 7; and
· Approve the commitment to increase the Adult Social Care Precept by a further 1.5% in 2022/23 by taking up the option to defer an element of the allowable increase in 2021/22 smoothed by the use of available one-off resources held in earmarked reserves.