Issue - items at meetings - EXECUTIVE'S REVENUE BUDGET PROPOSALS 2021/22 AND MEDIUM TERM FINANCIAL STRATEGY (MTFS) 2022/23

To consider a report of the Executive Member for Finance and Governance and Corporate Director, Finance and Systems.

That it be recommended to Council that it :-

a) Approves the 2021/22 net Revenue Budget of £179.30m.

b) Approves the 2022/23 to 2023/24 Medium Term Financial Strategy (MTFS) including the income and savings proposals.

c) Approves the calculation of the Council Tax Requirement as summarised in Section 8.1 and set out in the Formal Council Tax Resolution in Annex J to the report (any update for changes in Mayoral Police and Crime Commissioner or Mayoral General (incl. Fire Services) Precepts, if any, will be tabled at the Council Meeting);

d) Approves the proposal to increase Council Tax by 4.99% in 2021/22:

o 1.99% general increase in the ‘relevant basic amount’ in 2021/22, 2022/23 and 2023/24, and

o 3% for the ‘Adult Social Care’ precept in 2021/22.

e) Approves the continuation of the Council Tax Hardship scheme and awards all existing working age Council Tax Support (CTS) recipients registered as at 31st March 2021 – a discretionary Hardship award equivalent to the value of their 21/22 liability;

f) Approves the treatment of all new, post 31st March 2021, claims for CTS in accordance with the existing CTS scheme, as the vast majority of recipients will receive 100% support, and ensures direct information and advice for further discretionary support is detailed in notification letters;

g) Approves the planned application of earmarked reserves as detailed in Section 6 of the report.

h) Approves the Fees and Charges for 2021/22 and those relating to Registration of Births, Death & Marriages and Allotments also shown for 2022/23, as set out in the Fees & Charges booklet.

i) Delegates authority jointly to each Corporate Director in consultation with the Council’s Director of Finance and Systems to amend fees and charges which are within their respective delegated powers during 2021/22 in the event of any change in VAT rate, as appropriate.

j) Delegates authority jointly to each Corporate Director in consultation with the Council’s Director of Finance and Systems to amend fees and charges during 2021/22 which are within their respective delegated powers where the economics of the charge levels have changed (e.g. costs have risen unexpectedly), or for commercial reasons.

k) Approves the proposal to increase the minimum level of General Reserve for 2021/22 at £8.0m, an increase of £1m from 2020/21 (Section 6.6 of the report).

l) Approves the Capital Strategy, Prudential and Local Indicators and overall level of the Capital Programme and Asset Investment Fund of £415.40m (as detailed in the Capital Strategy, Capital Programme & Prudential Indicators 2021/24) of which £184.37m relates to 2021/22; including the proposal in relation to £10.0m of new prudential borrowing.

m) Approves the Treasury Management Strategy 2021/22 to 2023/24, including the debt strategy (Section 3 of the report), the Treasury Investment Strategy (Section 5 of the report) and the Prudential Indicators, including the Authorised Limit (as required by Section 3(1) of the Local Government Act 2003, Operational Boundary, Minimum Revenue Provision and investment criteria as set out in Appendix 3 of the report.

n) Approves the proposed distribution of ... view the full decision text for item 27

The Executive Member for Finance and Governance and the Director of Finance and Systems submitted a report which sets out the Executive’s updated 3 year budget strategy proposals and detailed revenue budget proposals for 2021/22 and Medium Term Financial Strategy (MTFS) for the period 2022/23 - 2023/24. In connection with those proposals, the report noted the factors which had been taken into account in developing them, and set out recommendations to Council accordingly.

RESOLVED - That it be recommended to Council that it:-