Decision details

Budget Proposals and Medium Term Forecasts 2020/21 (Forward Plan Reference FP951)

Decision Maker: Cabinet, Council

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

Approval of the Revenue, Capital and Housing Revenue Account Budgets, Fees and Charges and Council Tax Setting 2020/21

 

Approval of the Medium Term Financial Strategy 2020/21-2022/23

 

Approval of the Capital Strategy and Treasury Management Strategy

Decision:

The Cabinet approved the following budget proposals and noted that any comments from the Resources Overview and Scrutiny Committee would be returned to the Special Cabinet on 21 January 2020 for consideration, before final recommendations were made to the Council:

 

General Fund

 

(1)     The proposed General Fund Budget as summarised in Appendix A, and detailed in Appendix B.

 

(2)     The inclusion of the savings and growth proposals into the budget as detailed in Appendices C and D.

 

(3)     The approval of the 2020/21 fees and charges which have been incorporated into the budget proposals, as set out in Appendix E.

 

(4)     The increase in the Council’s Band D Tax of £3.15 (1.49%), taking the average Band D Tax to £214.92 for 2020/21.

 

(5)     That £100,000 be added to the Climate Change earmarked reserve from the 2020/21 budget, the expenditure of which will be delegated to the Corporate Director (Resources, Environment and Cultural Services) and Corporate Director (Planning, Public Protection and Governance), in consultation with the Executive Members (Resources), and (Governance, Public Health and Climate Change) and the Cross Party Climate Change Member Group.

 

(6)     That £1.2M be added to the Pensions earmarked reserve from the 2020/21 budget to help the Council meet its potential pensions liability in year three of the proposed medium term financial strategy with the current balance of the reserve being used towards an additional payment to the fund in 2019/20 as required by the pensions actuary.

 

(7)     That the Budget Priority and Transformation earmarked reserve be renamed as Modernisation reserve and that authority for its expenditure be delegated to the Modernisation Board (Chief Executive, Corporate Directors and Corporate Modernisation Lead), in consultation with the Leader and Executive Member (Resources).

 

Housing Revenue Account (HRA)

 

(1)     That dwelling rents be increased by CPI+1% in accordance with Government legislation, resulting in an average rent of £106.16 per week.

 

(2)     The continuation of the policy to charge formula rent when vacant properties are re-let.

 

(3)     The approval of the Housing Revenue Account budget for 2020/21 as shown in Appendix F.

 

(4)     The approval of the 2020/21 fees and charges which have been incorporated into the budget proposals, as set out in Appendix H.

 

(5)     The Medium Term Financial Strategy (MTFS) to maintain HRA working balances to around 5% of rental income.

 

Capital Programme

 

(1)     The approval of the Capital Programme for 2020/21 to 2024/25 as set out in Appendix I.

 

(2)     The approval of the Capital Financing for the Capital Programme for 2020/21 to 2024/25 as set out in Appendix J, and noting the forecast capital balances in Appendix K.

 

Medium Term Financial Strategy

 

(1)     The approval of the Medium-Term Financial Strategy and Financial Governance Framework, including all annexes and prudential indicators for 2020/21 – 2022/23 as set out in Appendix L.

Report author: Richard Baker

Publication date: 10/01/2020

Date of decision: 06/01/2020

Decided at meeting: 06/01/2020 - Cabinet

Accompanying Documents: