Issue - meetings

(Lead Member: Cllr S Hinchcliffe, Director: Angela Taylor)

Resolved:  That the business planning and budget work being undertaken be noted.

The Combined Authority considered a report of the Director, Corporate Services on the work underway on the business plan and budgeting for 2021/22.

It was reported that the business planning for 2021/22 will take into account the transition to becoming a Mayoral Combined Authority (MCA), the response to COVID-19, preparing for the EU exit and the conclusion of funding streams such as the Growth Deal.

Members discussed the current position of the revenue budget for 2020/21 and the projections which indicated a £4.6 million deficit position due to COVID-19.  Work was underway to refine the revenue budget forecasts and discussions continue with Government to provide support for the estimated losses.  

The budget 2021/22 would be set within the context of the business plan and a revised medium term financial strategy.  It was acknowledged that the  challenging financial position for local authorities as well as the Combined Authority would make setting the budget difficult, particularly with the uncertainty of future bus funding. 

The report set out a number of key budget assumptions including that the gainshare expected as part of the devolution deal is not available for general revenue budget issues. Work on options to address the budget gap without the use of reserves was being undertaken.  A further report will be prepared for the Combined Authority meeting to be held on 10 December 2020.

Resolved:  That the business planning and budget work being undertaken be noted.