184 Budget Report & MTFS Update PDF 921 KB
[Report of the Director of Finance. To be introduced by the Cabinet Member for Finance and Strategic Regeneration.]
This report provides an update on the budget and Medium Term Financial Strategy (MTFS) as well as on the National economic picture and local authority funding. The report seeks agreement to Invest to Save proposals in respect of Children’s Services and a number of other changes to the Budget and MTFS, and makes recommendations relating to potential changes to the Council’s financial support to Alexandra Palace (APPCCT)
Additional documents:
Minutes:
The Cabinet Member for Finance and Strategic Regeneration introduced this report which provided:
The Cabinet Member detailed the report as set at pages 301-315 and highlighted sections 9.2, 9.5, 9.6, 9.8, 9.10, 10.8, 11 and 12 of the report.
The Cabinet Member noted the positive in-year position currently forecast was better than at the same time last year which reflected the impact of the budget realignments undertaken as part of the 2019/20 budget build.
The Cabinet Member welcomed the progress and ambition that Children’s services were showing in bringing forward a suite of Invest to save proposals which would have a positive impact on delivering the MTFS as well as beneficial outcomes for children and young people in the Borough, in line with the agreed Borough Plan objectives.
The Cabinet Member noted that regarding the Spending Review 2019, this was anticipated to take place in summer 2019 but it was now expected this would not be carried out. This meant that the most likely scenario was that the 2019/20 Local Government funding position would be used as the basis for a shorter-term settlement for 2020/21 at least and potentially for 2021/22.
The Leader highlighted section 11 of the report which stated adherence to strong and effective financial management will enable the Council deliver its stated objectives and priorities.
In response to questions from Councillors Barnes, the following information was noted:
Cllr das Neves was next invited to introduce the addendum which included the Overview and Scrutiny (OSC) Comments and recommendations on the Children’s invest to save items. Cllr das Neves highlighted the following