Agenda item

RECOMMENDED that Council approve;

that (1) in the view of the Chief Financial Officer, the estimates included in the Medium Term Financial Plan 2022/23 to 2025/26 are robust and that the level of financial reserves whilst at minimum levels are adequate, be accepted,

(2) officers report back to Executive and to the Audit and Corporate Overview Scrutiny Committee on a quarterly basis regarding the overall position in respect of the Council’s budgets.  These reports to include updates on achieving savings and efficiencies for 2022/23 and future years.

GENERAL FUND

1.  A Council Tax increase of £5.00 is levied in respect of a notional Band D property (2.68%),

2.  The Medium Term Financial Plan in respect of the General Fund as set out in Appendix 1 to this report be approved as the Revised Budget 2021/22, as the Original Budget in respect of 2022/23, and the financial projection in respect of 2023/24 to 2025/26,

3.  That any further under spend in respect of 2021/22 is transferred to the Council’s General Fund Reserves,

4. On the basis that income from Planning Fees may exceed £0.500m in 2021/22, the Head of Paid Service in consultation with the Leader be granted delegated powers to authorise such additional resources as are necessary to effectively manage the resultant increase in workload.

HOUSING REVENUE ACCOUNT

5. That Council sets its rent levels in line with government policy, increasing rent levels by CPI (3.1%) plus 1% to apply from 1^st April 2022,

6. That the increases in respect of other charges as outlined in Appendix 3 Table 1 to this report be implemented with effect from, 1^st April 2022,

7. The Medium Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 to this report be approved as the Revised Budget in respect of 2021/22, as the Original Budget in respect of 2022/23, and the financial projection in respect of 2023/24 to 2025/26,

8. That under spends in respect of 2021/22 to 2025/26 are transferred to the HRA Revenue Reserve.

CAPITAL PROGRAMME

9. That the Capital Programme as set out in Appendix 4 to this report be approved as the Revised Budget in respect of 2021/22, and as the Approved Programme for 2022/23 to 2025/26,

10. That the Assistant Director of Property Services and Housing Repairs be granted delegated powers in consultation with the Portfolio Member and the Asset Management group to approve the utilisation of the £260,000 of AMP Refurbishment Work allocation, with such approvals to be reported back to Executive through the Quarterly Budget Monitoring Report.

Executive’s approval was sought for the proposed budget 2022/23, for the General Fund, Housing Revenue Account and Capital Programme as part of the Council’s Medium Term Financial Plan covering the years 2022/23 to 2025/26.

The report provided Members with an overview of the Council’s financial position in order to inform the decision making process.

In particular financial projections were provided for:

·         2021/22 Current Budget Position – this was the current year budget, revised to take account of changes during the financial year that would end on 31^st March 2022.

·         2022/23 Original Budget – this was the proposed budget for the next financial year, on which the Council Tax would be based, and would commence from 1^st April 2022.

·         2022/23 Original Budget, this included proposed increases to rents and fees and charges for the next financial year for the Housing Revenue Account.

·         2023/24 to 2025/26 Financial Plan – In accordance with good practice the Council agreed its annual budgets within the context of a Medium Term Financial Plan (MTFP).  This included financial projections in respect of the next three financial years.

Moved by Councillor Clive Moesby and seconded by Councillor Duncan McGregor

RECOMMENDED that Council approve;

            (1) in the view of the Chief Financial Officer, the estimates included in the Medium Term Financial Plan 2022/23 to 2025/26 are robust and that the level of financial reserves whilst at minimum levels are adequate, be accepted.

(2) officers report back to Executive and to the Audit and Corporate Overview Scrutiny Committee on a quarterly basis regarding the overall position in respect of the Council’s budgets.  These reports to include updates on achieving savings and efficiencies for 2022/23 and future years.

GENERAL FUND

1            A Council Tax increase of £5.00 is levied in respect of a notional Band D property (2.68%),

2            The Medium Term Financial Plan in respect of the General Fund as set out in Appendix 1 to this report be approved as the Revised Budget 2021/22, as the Original Budget in respect of 2022/23, and the financial projection in respect of 2023/24 to 2025/26,

3            That any further under spend in respect of 2021/22 is transferred to the Council’s General Fund Reserves,

4       On the basis that income from Planning Fees may exceed £0.500m in 2021/22, the Head of Paid Service in consultation with the Leader be granted delegated powers to authorise such additional resources as are necessary to effectively manage the resultant increase in workload.

HOUSING REVENUE ACCOUNT

5       That Council sets its rent levels in line with government policy, increasing rent levels by CPI (3.1%) plus 1% to apply from 1^st April 2022,

6       That the increases in respect of other charges as outlined in Appendix 3 Table 1 to this report be implemented with effect from, 1^st April 2022,

7       The Medium Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 to this report be approved as the Revised Budget in respect of 2021/22, as the Original Budget in respect of 2022/23, and the financial projection in respect of 2023/24 to 2025/26,

8       That under spends in respect of 2021/22 to 2025/26 are transferred to the HRA Revenue Reserve.

CAPITAL PROGRAMME

9       That the Capital Programme as set out in Appendix 4 to this report be approved as the Revised Budget in respect of 2021/22, and as the Approved Programme for 2022/23 to 2025/26,

10     That the Assistant Director of Property Services and Housing Repairs be granted delegated powers in consultation with the Portfolio Member and the Asset Management group to approve the utilisation of the £260,000 of AMP Refurbishment Work allocation, with such approvals to be reported back to Executive through the Quarterly Budget Monitoring Report.

(Section 151 Officer/Governance Manager)

REASONS FOR RECOMMENDATION(S)

This report presents a budget for approval by Council.  It seeks to ensure approval to budgets in respect of the General Fund, the Housing Revenue Account and the Capital Programme.   

ALTERNATIVE OPTION AND REASONS FOR REJECTION

Alternative options are considered throughout the report.