Decision details

That the Executive:

1.    Consider the effect of the funding available and revenue expenditure position as noted in paragraphs 1.24, 1.25 and Table B of the report, supported by additional information in Appendix A;

2.    Consider the Equality Impact Analysis at Appendix B and the consultation comments as shown in Appendix G and presented at the meeting;

        2a) Approve for recommendation to full Council that the budget for                 2020/21 be amended as follows:

i)             a new Support for Businesses Reserve of £12m be created for the purpose of implementing schemes for supporting Lincolnshire Businesses by a transfer of £12m from the Financial Volatility Reserve; and

ii)            £0.2m be transferred from the Financial Volatility Reserve to the existing Flood and Water Risk Management reserve for the purpose of providing sandbags across the county.

3.    Subject to recommendation 4 below approve for recommendation to full Council:

a)    the revenue Budget for 2021/22 proposed in Table B of the report subject to the following changes:-

                                  i.        The Financial Volatility Reserve be reduced by £12.2m;

                                ii.        The new Support for Businesses Reserve of £12m be inserted; and

                               iii.        The Flood and Water Risk Management Reserve be increased by £0.2m to £0.418m

b)    the capital programme for 2021/22 proposed in Table C and Appendix C of the report subject to the New Developments Capital Contingency Fund being reduced by £10m and the insertion of a new scheme in Highways, "Rural Road Fund" with an allocation of £10m;

c)    the levels of council tax proposed in Table D and shown in Appendix D of the report including the increasing of council tax in 2021/22 by 1.99%;

d)    the prudential indicators for 2021/22 shown in Appendix E of the report;

e)    the Flexible Use of Capital Receipts Strategy for 2021/22 shown in Appendix F of the report; and

f)     the Medium Term Financial Strategy attached at Appendix H to the report; and

g)    the Capital Strategy 2021/22 attached at Appendix I to the report.

4.    Request the Leader to review and amend the Executive's budget recommendations to the County Council, as appropriate, in light of the final Local Government Finance Settlement if received between the Executive meeting and the County Council on 19 February 2021.

5.    Request the Leader to review and amend the figures within the Medium Term Financial Strategy to be recommended to the County Council as appropriate, to ensure consistency with final budget recommendations made to the County Council meeting on 19 February 2021.