Agenda item

The Cabinet considered a report of the Corporate Director of Resources which provided comprehensive financial information to enable Cabinet to agree the 2020/21 balanced revenue budget, details of significant investments in key frontline services, an outline Medium Term Financial Plan MTFP(10) 2020/21 to 2023/24 and a fully funded capital programme (for copy see file of minutes).

In presenting the report the Corporate Director of Resources advised that the figures were based on the provisional financial settlement. The final settlement which was due to be released the following day had been delayed, however he did not expect it to change. The Corporate Director thanked staff and members for their assistance in bringing the report together.

Members noted that the provisional settlement provided some additional financial resources after a decade of austerity affecting Councils in the North-East in particular. The Council was in a position to provide additional one-off investments of £20m towards priority frontline services as well as further investments in towns and villages because of careful management of its finances during this period.

The Council continued to demonstrate its commitment to Children’s Services with an additional investment totalling £2m, but it was hoped that the Government would also do so as part of its ‘levelling up’ Agenda. 

Members were concerned that the Fair Funding Review had been delayed until at least 2021/22, and referred to the continued unfairness in the distribution of funding. Lobbying of the Government would continue in this regard.

Cabinet members thanked the Corporate Director of Resources, and officers for their careful management of the budgets.

Resolved

Upon a recorded vote being taken Cabinet unanimously agreed to recommend to full Council, approval of the recommendations set out in the report.