To consider a report of the Executive Member for Finance and Governance and the Director of Finance and Systems.
The Executive Member for Finance and Governance and the Director of Finance and Systemssubmitted a report which set out, for recommendation to Council, the Executive’s updated 3 year budget strategy proposals and detailed revenue budget proposals for 2022/23 and Medium Term Financial Strategy (MTFS) for the period 2023/24 - 2024/25. In introducing the report, the Executive Member for Finance and Governance advised that some minor changes to the formal Council Tax Resolution paper (Annexe J to the report) would be put before Council at its subsequent meeting. In discussion, it was noted that clarification would be provided outside the meeting in relation to the treatment of variances in Children’s Services, as set out at paragraph 4.3.1 of the report.
(1) That it be recommended to Council that it:-
a) Approves the 2022/23 net Revenue Budget of £192.57m.
b) Approves the 2023/24 to 2024/25 Medium Term Financial Strategy (MTFS) including the income and savings proposals.
c) Notes the arrangements proposed in relation to an enhanced Finance and Change Programme and the establishment of a Finance and Change Board which will work with the Executive on the development of sustainable budget plans to support the Council in meeting the financial challenges from 2023/24 onwards
d) 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 (any update for changes in Mayoral Police and Crime Commissioner or Mayoral General (incl. Fire Services) Precepts were to be tabled at the Council Meeting);
e) Approves the proposal to increase Council Tax by 2.99% in 2022/23:
o 1.99% general increase in the ‘relevant basic amount’ in 2022/23, 2023/24 and 2024/25, and
o 1% for the ‘Adult Social Care’ precept in 2022/23.
f) Approves the planned application of earmarked reserves as detailed in Section 7.
g) Approves the Fees and Charges for 2022/23 and those relating to Registration of Births, Death & Marriages and Allotments also shown for 2023/24, as set out in the Fees & Charges booklet.
h) 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 2022/23 in the event of any change in VAT rate, as appropriate.
i) Delegates authority jointly to each Corporate Director in consultation with the Council’s Director of Finance and Systems to amend fees and charges during 2022/23 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.
j) Approves the proposal to increase the minimum level of General Reserve for 2022/23 at £9.5m, an increase of £1.5m from 2021/22 (Section 7.5).
k) Approves the Capital Strategy, Prudential and Local Indicators and overall level of the Capital Programme and Asset Investment Fund of £417.38m (as detailed in the Capital Strategy, Capital Programme & Prudential Indicators 2022/25) of which £209.71m relates to 2022/23; including the proposal in relation to £50.52m ... view the full minutes text for item 92