Issue - meetings
Financial Planning - budget setting process
Meeting: 10/09/2020 - Finance Scrutiny Committee (Item 12)
12 Financial Planning - budget setting process PDF 671 KB
Minutes:
The committee received a report of the Section Head – Financial Planning and Analysis to inform the Committee of the process of how the Council would determine its three-year medium-term financial strategy (MTFS) for 2021-2024, the related service plans, and the allocation of financial resources to achieve them. The Section Head – Financial Planning and Analysis introduced the report explaining that this was the first time the budget setting process had been outlined to the committee.
The Section Head – Financial Planning and Analysis highlighted the key areas in the report and in particular he advised members of:
· The timeline in preparing the MTFS and how this supported the council’s strategic aims.
· How the Council plan fed in to the development of costed and sustainable service plans and the staff appraisal process.
· The role of the Director of Finance and the new income streams coming in to the council.
· How financial impacts, such as inflation, staff costs, growth in services and savings were included.
· How service fees and charges were determined.
· The establishments and salary build spreadsheets and budget responsibilities.
· How the government’s spending review would inform funding arrangements for next year; with the Covid-19 pandemic potentially leading to a requirement for further savings.
The Chair thanked the Section Head Financial Planning and Analysis for the very helpful and informative report.
RESOLVED –
to consider and note the 2020/21 financial planning - budget setting process as
shown in Appendix 1.