Decision details

(Report of Director of Finance and Transformation)

The report provided Members with an update to the Medium Term Financial Strategy and the Savings and Transformation Strategy.  In addition, the Borough Council’s position regarding business rate pooling for 2021/22 was set out and it was recommended that the Borough Council should not be part of the formal business rates pool due to the prevailing economic climate and budget risks. 

The Cabinet resolved that:

(1)             the latest forecast of the Medium Term Financial Strategy and the funding gap of £875,000 (as set out in paragraph 1.2.10 of the report) be noted;

(2)             the need to deliver the savings/transformation contributions already included in the Medium Term Financial Strategy (as set out in paragraph 1.2.11 of the report) be noted;

(3)             the progress being made towards the ‘Essential Spend Only’ target of £500,000 in relation to 2020/21 and the first ongoing savings target of £100,000 (as set out in the table at paragraph 1.2.16 of the report) be noted;

(4)             the submission made in relation to the Comprehensive Spending Review (Annex 1) in liaison with the Leader and Cabinet Member for Finance, Innovation and Property (as set out in paragraph 1.2.18 of the report) be noted;

(5)             the updated version of the Savings and Transformation Strategy (Annex 2) prepared by the Management Team be endorsed; and

(6)             the view that Tonbridge and Malling Borough Council should not be part of the formal Kent Business Rates Pool in 2021/22 be endorsed and submitted to Government by 23 October 2020.