Resolved – That:

Revenue Budget 2020/21 and Medium Term Financial Plan (2021/22 to 2024/25)

(1)  The Cabinet recommends to the Budget Council a Budget proposal for 2020/21 and MTFS 2021/22-2024/25 based upon:

a.  the updated Medium Term Financial Plan (MTFP) 2021/22 – 2024/25,, as set out in Appendix 6 of the report;

b.  the fees and charges included in Appendix 3 of the report, with delegated authority being:

i)  given to the Section 151 Officer to update the Council’s Fees and Charges Directory prior to publication before 1 April 2020;

ii)  given to the relevant Director in consultation with the relevant Portfolio Holder and Section 151 Officer to vary existing fees and charges; and

iii)  approval of the Pricing and Charging Policy;

c.  continued use of the existing Business Rates Discretionary Relief Policy (updated in line with annual legislation), approved by Cabinet on the 18^th February 2019, along with existing reliefs, for 2020/21;

d.  maintenance of General Fund Balances at, or above, a level of £10m, based on a locally determined approach and assessment of the financial risks that the Council may face in the future; 

e.  the Chief Financial Officer Statement regarding the robustness of the estimates made for the purpose of the Budget and the adequacy of the General Fund balances and reserves at Appendix 5.

(2)  The Cabinet recommends to the Council that a separate vote be taken in respect of Council Tax levels for 2020/21 and that:

a.  for Wirral Council Services, Council Tax is increased by 3.99% for 2020/21; and

b.  the overall Wirral Council Tax will also continue to include additional precepts from the Police and Crime Commissioner for Merseyside, from the Merseyside Fire & Rescue Service and from the Liverpool City Region Combined Authority.

Schools Budget and Funding Formula Changes 2020/21

(1)  The Cabinet recommends to the Council approval of the 2020-21 Schools Budget at £279,960,200, having recognised the following views and formula proposals from the Schools Forum, that:

i)  the 2020-21 schools funding formula should adopt the formula factors rates of the National Funding Formula;

ii)  a Minimum Funding Guarantee of 1.84% for Wirral mainstream schools in 2020-21 was approved to provide additional protection and stability in funding, and to ensure schools received a minimum 1.84% increase in per pupil funding (as defined by the National Funding Formula) and cannot lose pupil funding unless there was a reduction in pupil numbers, therefore ensuring that no pupil was disadvantaged as a result of the change in formula;

iii)  the continuing Contributions to Combined Budgets should be £700,500 in 2020-21;

iv)  surplus High Needs funding of £643,900 in 2020-21 is transferred to the DSG reserve to partially offset the DSG deficit expected at the end of 2019-20.

Capital Programme and Financing 2020/24

Cabinet:

(1)  recommends to Council the approval of the new bids as detailed in Appendix 2 requiring £16.054 million borrowing for inclusion in the Capital Programme;

(2)  recommends to Council the approval of any new bids supported by grant funding do not commence until written confirmation had been received from the granting authority;

(3)  recommends to Council the approval of the Capital Programme 2020/25 (as detailed in Appendix 3);

(4)  recommends to Council the approval that progress on delivering the Capital Programme is presented in accordance with the agreed Capital Monitoring arrangements.

Capital Financing Strategy 2020/21

Cabinet:

(1)  recommends to Council the approval of the Capital Strategy for 2020/21;

(2)  recommends to Council the approval of the associated Prudential Indicators to be adopted;

(3)  recommends to Council the approval of the Council’s Minimum Revenue Provision policy;

(4)  recommends to Council the approval of the Council’s Flexible Use of Capital Receipts Strategy.

Treasury Management Strategy Statement 2020/2023

Cabinet:

(1)  recommends to Council the approval of the Treasury Management and Investment Strategy for 2020/2023;

(2)  recommends to Council the approval of the Treasury Management Indicators.

Investment Strategy Statement 2002/21

Cabinet recommends to Council the approval of the Investment Strategy for 2020//2021, which includes potential investment in the following activity areas:

·  Commercial Property 

·  Service Investments: Loans

·  Service Investment: Shares (non-currently held)

·  Loan Commitments and financial Guarantees