Medium Term Financial Plan 2019/20 to 2022/23 - Presentation
Minutes:
The Executive Director, Finance and Resources gave a short presentation which covered the current financial position in respect of the assumptions that had been made and the current position. It was confirmed that there would be a full report presented to the Executive Committee meeting in January.
The presentation included the following:
· Costs in respect of pay scales and adjustments to take account of the increase in the living wage.
· Treasury and capital borrowing costs.
· Unidentified savings – these would be stripped out and put back in as pressures.
· There would not now be a negative impact from the Revenue Support Grant.
· A shortfall in the Non Domestic Rates and also in Council Tax – this was due to there not being the developments that had been expected.
· Details around the Section 31 grant.
· A budget gap of £496k and the work which was being carried out to address this, including the possible inclusion of vacancy management savings.
· The impact of changes to the New Homes Bonus Scheme (NHB). 2019/20 would be last year for new payments.
RESOLVED that
the presentation be noted.