Agenda item

Proposed Budget 2020/21 and Medium Term Financial Plan 2020/21 - 2024/25

1.           That the Committee endorses the proposed Budget and Council Tax for 2020/21 and the proposed Medium Term Financial Plan for the next five year period 2020/21 – 2024/25, and recommends them  to Full Council on 18 February 2020 including the following resolutions:

a.    That the Budget Requirement for Worcester City Council (excluding Parish Precepts) 2020/21 be set at £10.747m;

b.    That the Council Tax Requirement for Worcester City Council (excluding Parish Precepts) 2020/21 be set at £6.155m; and

c.    That the Band D Council Tax for Worcester City Council (excluding Parish Precepts) be set at £190.88;

2.           That the Committee approves the Treasury Management Strategy at Appendix 7 including the MRP policy statement and the prudential indicators set out in the Strategy;

 

3.           That the Committee approves the transfer of £150,000 of the specific earmarked reserves named in para 7.4 to the 2020/21 revenue budget and the release of the 2018/19 out-turn surplus of £182,000 into the City Plan Fund; and

 

4.           That the Committee considers the proposals brought forward by the Policy Committees during January 2020 and includes those approved in the recommendations to Full Council.

Minutes:

The Committee considered the proposed Budget and Council Tax for 2020/21 and the proposed Medium Term Financial Plan for the next five year period 2020/21 – 2024/25. The Corporate Director – Finance and Resources presented the report, which included Key Financial Assumptions, the Provisional Financial Settlement, Further Financial Information, the outcome of the Budget Consultation the Capital Programme 2020/21 to 2024/25 and the impact on Reserves.

 

Committee Members expressed support for the proposed Budget and Council Tax and the proposed Medium Term Financial Plan.

 

RESOLVED: That the Committee agree to:

 

1.  endorse the proposed Budget and Council Tax for 2020/21 and the proposed Medium Term Financial Plan for the next five year period 2020/21 – 2024/25, and recommends them  to Full Council on 18 February 2020 including the following resolutions:

a.That the Budget Requirement for Worcester City Council (excluding Parish Precepts) 2020/21 be set at £10.747m;

b.That the Council Tax Requirement for Worcester City Council (excluding Parish Precepts) 2020/21 be set at £6.155m; and

c.That the Band D Council Tax for Worcester City Council (excluding Parish Precepts) be set at £190.88;

 

2.  approve the Treasury Management Strategy at Appendix 7 including the MRP policy statement and the prudential indicators set out in the Strategy;

 

3.  approve the transfer of £150,000 of the specific earmarked reserves named in para 7.4 to the 2020/21 revenue budget and the release of the 2018/19 out-turn surplus of £182,000 into the City Plan Fund; and

 

4.  having considered the proposals brought forward by the Policy Committees during January 2020, to include those approved in the recommendations to Full Council.

Supporting documents: