Decision details

Budget Proposals and Medium Term Financial Forecasts 2021/22 (Forward Plan Reference FP1015)

Decision Maker: Cabinet, Council

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Approval of the Revenue, Capital and Housing Revenue Account Budgets, Fees and Charges and Council Tax Setting 2021/22

 

Approval of the Medium Term Financial Strategy 2021/22-2023/24

 

Approval of the Capital Strategy and Treasury Management Strategy

Decision:

Cabinet approved the following budget proposals and noted that any comments from Overview and Scrutiny Committee will be returned to Special Cabinet on 19 January 2021 for consideration, before final recommendations are made to 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 2021/22 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 £4.23 (1.97%), taking the average Band D Tax to £219.15 for 2021/22.

 

(5)   That £610,000 is added to the Covid-19 earmarked reserve from the 2021/22 budget, the expenditure of which will be delegated to the Section 151 Officer in consultation with the Executive Member for Resources. This will be fully funded from the one off Covid-19 Support Grant received from the Government.

 

(6)   That the Special Expenses Scheme continue into 2021/22, and the Special Expenses detailed in Appendix M be approved for inclusion in the Council Tax for 2021/22, subject to consultation with Town and Parish Councils.

 

Housing Revenue Account (HRA)

 

(1)   That dwelling rents are increased by CPI+1% in accordance with Government legislation, resulting in an average rent of £109.01 per week.

 

(2)   To continue the policy of charging formula rent when vacant properties are re-let.

 

(3)   The approval of the Housing Revenue Account budget for 2021/22 as shown in appendix F.

 

(4)   The approval of the 2021/22 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 a minimum of 5% of rental income.

 

Capital Programme

 

(1)   The approval of the Capital Programme for 2021/22 to 2025/26 as set out in Appendix I.

 

(2)   The approval of the Capital Financing for the Capital Programme, for 2021/22 to 2025/26 as set out in Appendix J, and note 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 2021/22 – 2023/24 as set out in Appendix L.

Report author: Richard Baker

Publication date: 08/01/2021

Date of decision: 05/01/2021

Decided at meeting: 05/01/2021 - Cabinet

Effective from: 15/01/2021

Accompanying Documents: