Decision details

The Cabinet gave consideration to a report of the Director of Finance which set out the Council’s strategy for income generation for the next medium-term financial planning period (2020/21 to 2024/25).

The Cabinet were informed that the proposed Income Strategy set out in Appendix 1 of the report covered all material sources of revenue that financed day to day service provision including:

•         Government Grants;

•         Council Tax;

•         Business Rates;

•         Fees, charges and other contributions.

The Strategy also considered:

•     Investment opportunities;

•     Opportunities relating to traded services and other chargeable activities;

•     The process for setting charges and collection efficiency.

Members noted that the Council’s current Income Strategy covering the period 2018/19 to 2021/22 was approved by Cabinet on 18 September 2017. The impact of the recently published one-year spending round by HM Treasury together with the approval of key strategies covering housing, capital investment, property and commercial investment meant it had been

necessary to refresh the Strategy. The Strategy had been developed with regard to the latest Chartered Institute of Public Finance and Accountancy (CIPFA) guidance covering income generation and had also been rolled forward to cover the next financial planning period of 2020/21 to 2024/25.

Options/Alternatives considered:

·         Option 1 – Approve the Income Strategy for Oldham Council for the period 2020/21 to 2024/25;

·         Option 2 – Do not approve the Income Strategy for Oldham Council for the period 2020/21 to 2024/25 and suggest an alternative approach

RESOLVED – That the Income Strategy included at Appendix 1 of the report be approved.