The Committee considered the report of the Director of Resources presenting the revised Medium-Term Financial Strategy (MTFS) 2021 / 22 to 2023 / 24 (Appendix 1 to the report) to the Committee for recommendation to the Council.
It was noted how this MTFS built on the MTFS for 2020 / 21 to 2023 / 24 approved in February 2020 by the Council and subsequently updated in relation to the COVID-19 pandemic in July 2020.
Appendix 2 to the report set out the specific details of budget growth items identified as being required to meet service demand and carry out Council policy. Members were advised that these had been scrutinised by the Finance Working Group.
The COVID-19 pandemic had created a number of challenges for financial forecasting and in light of the fact that its impact would continue in future years a number of assumptions had been made and were set out in the report. The impact of this on the General Fund Balance was outlined in the report, however it was noted that there was a high level of uncertainty around these figures and ongoing government support which had not been factored in.
The Chairman put the recommendation as set out in the report, this was duly seconded and agreed by assent.
RECOMMENDED that the updated Medium-Term Financial Strategy for 2021 / 22 to 2023 / 24 (as at 28 January 2021) attached as Appendix 1 to the report.