Decision details

Cabinet resolved to recommend the Assembly to:

(i)  Approve a base revenue budget for 2020/21 of £155.796m, as detailed in Appendix A to the report;

(ii)  Approve the adjusted Medium Term Financial Strategy (MTFS) position for 2020/21 to 2023/24 allowing for other known pressures and risks at this time, as detailed in Appendix B to the report, including the additional cost of borrowing to accommodate the capital costs associated with the implementation of the MTFS;

(iii)  Delegate authority to the Chief Operating Officer, in consultation with the Cabinet Member for Finance, Performance and Core Services, to finalise any contribution required to or from reserves in respect of the 2020/21 budget, pending confirmation of levies and further changes to Government grants prior to 1 April 2020;

(iv)  Approve the Statutory Budget Determination for 2020/21 as set out at Appendix C to the report, which reflects an increase of 1.99% on the amount of Council Tax levied by the Council, an Adult Social Care precept of 2.00% and the final Council Tax proposed by the Greater London Assembly (3.6% increase), as detailed in Appendix D to the report;

(v)  Note the update on the current projects, issues and risks in relation to Council services, as detailed in sections 9-12 of the report;

(vi)  Approve the Council’s draft Capital Programme for 2020/21 totalling £318.006m, of which £72.540m are General Fund schemes, as detailed in Appendix E to the report;

(vii)  Approve the Flexible Use of Capital Receipts Strategy as set out in Appendix F to the report;

(viii)  Note the update on Dedicated Schools Funding and approve the Local Funding Formula factors as set out in section 15 and Appendix G; and

(ix)  Note the Chief Finance Officer’s Statutory Finance Report as set out in section 15 of the report, which includes a recommended minimum level of reserves of £12m.