Issue - meetings

Budget 2020/21 - 2022/23 - Local Government Act 2003 Requirements

Meeting: 26/02/2020 - Council (Item 22)

22 Budget 2020/21 - 2022/23 - Local Government Act 2003 Requirements pdf icon PDF 908 KB

For Council to consider Budget 2020/21 - 2022/23 - Local Government Act 2003 Requirements.

Minutes:

The Council considered a report of the Chief Finance Officer relating to the requirements under the Local Government Act 2003. It is a legal requirement under Section 25 of the Local Government Act 2003 for this report to be presented to Council for consideration immediately prior to setting the Budget and Council Tax. The recommendations aimed to ensure that Council was aware of the opinion of the Chief Finance Officer regarding the robustness of the budget as proposed and the adequacy of general balances and reserves. The report outlined the robustness of the budget, the key risks and the level of reserves to support the Council’s financial resilience.

 

It was the opinion of the Chief Finance Officer that the proposed budget was robust and that the proposed level of general balances and reserves were adequate. An option to reduce the level of balances or reserves had not been recommended by the Chief Finance Officer given the risk assessment presented in the report, and this position had been endorsed by the Cabinet when agreeing that General Balances for 2020/2021 be set at £17million.

 

Resolved:

That the approach to general balances detailed in the submitted report, including the setting of general balances, at £17million for 2020/2021, be endorsed.