Agenda item

Members considered a detailed report in relation to the Council’s Medium Term Financial Plan (MTFP) for 2023/24 – 2026/27.  The report had been considered by Executive at its meeting held on 30^th January 2023.

In particular, financial projections were provided for;

·           2022/23 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 2023.

·           2023/24 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 2023.

·           2023/24 Original Budget, this included proposed increases to rents and fees and charges for the next financial year for the Housing Revenue Account.

·           2024/25 to 2026/27 Financial Plan – In accordance with good practice the Council agrees 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.

The Chair reminded Members that a recorded vote would need to be taken on the MTFP (budget setting) motion as per the Local Authorities (Standing Orders) (England) (Amendment) Regulations 2014.

Moved by Councillor Clive Moesby and seconded by Councillor Duncan McGregor

For the motion (26):

Councillors Derek Adams, Rose Bowler, Dexter Bullock, Anne Clarke, Nick Clarke,

Jim Clifton, David Dixon, Maxine Dixon, Mary Dooley, David Downes, Steve Fritchley, Donna Hales, Ray Heffer, Mark Hinman, Andrew Joesbury, Chris Kane,

Duncan McGregor, Clive Moesby, Tom Munro, Sandra Peake, Peter Roberts,

Liz Smyth, Janet Tait, Rita Turner, Deborah Watson and Jen Wilson.

Against the motion (2):

Councillors Allan Bailey and Tracey Cannon.

Abstention(s) (1):

Councillor Natalie Hoy.

RESOLVED that (1) in the view of the Chief Financial Officer, the estimates included in the Medium Term Financial Plan 2023/24 to 2026/27 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 2023/24 and future years,

GENERAL FUND

(3) a Council Tax increase of £5.72 is levied in respect of a notional Band D property (2.99%),

(4) the Medium Term Financial Plan in respect of the General Fund, as set out in Appendix 1 of the report, be approved as the Revised Budget 2022/23, as the Original Budget in respect of 2023/24, and the financial projection in respect of 2024/25 to 2026/27,

(5) that any further under spend in respect of 2022/23 is transferred to the Council’s General Fund Reserves,

(6) on the basis that income from Planning Fees may exceed £0.500m in 2022/23, 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

(7) that Council increases its rent levels by 5% to apply from 1^st April 2023,

(8) that the increases in respect of other charges as outlined in Appendix 3, Table 1 in the report, be implemented with effect from, 1^st April 2023,

(9) the Medium Term Financial Plan in respect of the Housing Revenue Account, as set out in Appendix 3 of the report, be approved as the Revised Budget in respect of 2022/23, as the Original Budget in respect of 2023/24, and the financial projection in respect of 2024/25 to 2026/27,

(10) that under spends in respect of 2022/23 to 2026/27 are transferred to the HRA Revenue Reserve,

CAPITAL PROGRAMME

(11) that the Capital Programme as set out in Appendix 4 of the report, be approved as the Revised Budget in respect of 2022/23, and as the Approved Programme for 2023/24 to 2026/27,

(12) 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.

(Chief Financial Officer)