Decision details

Cabinet proposes 2022/23 revenue budget, MTFP and capital programme for recommendation to Council in light of comments from the Performance & Corporate Services Overview & Scrutiny Committee and consultation feedback. Includes the Review of Charges.

Recommendations agreed as amended:

1.            In relation to the draft strategic plan (Section 2);

a)    agree the draft strategic plan and RECOMMEND to Council to adopt the final version at its meeting on 8 February 2022.

2. In relation to the Revenue Budget and Medium Term Financial Strategy (Section 4);

b)    approve the Review of Charges for 2022/23 and in relation to the Registration Service, charges also for 2023/24 (Annex A); with an amendment on Agenda Page 63, under “Oxford City Centre – central area”, the second proposed charge for ‘1 hour’ to be £5 and on the next line for ‘3 hours’ to be £15 with consequential amendments in the “Change” column;

c)    approve the final schools funding formula for 2022/23 subject to the decision by the Secretary of State for Education regarding permission to transfer 0.5% (£2.2m) from the Schools block to support High Needs expenditure (Annex B)

d)    Receive and thank the Performance and Corporate Services Overview and Scrutiny Committee for their Budget Scrutiny report and note the response as set out in Annex C (to follow);

e)    approve the Financial Strategy for 2022/23 (Section 4.5);

f)     approve the Earmarked Reserves and General Balances Policy Statement 2022/23 (Section 4.6);

g)    and to note that the Leader of the Council will, following consultation with the Director of Finance and the Cabinet Member for Finance, make any appropriate changes to the proposed budget following receipt of information relating to the outstanding matters at paragraph 9 of this report

RECOMMEND Council to:

h)    approve a Medium Term Financial Strategy for 2022/23 to 2025/26 as set out in Section 4.1 (which incorporates changes to the existing Medium Term Financial Strategy as set out in Section 4.2);

i)     agree the council tax and precept calculations for 2022/23 set out in Section 4.3 and in particular:

                                           (i)   a precept of £435,816,475;

                                          (ii)   a council tax for band D equivalent properties of £1,651.61.

                                         (iii)   approve a revenue budget for 2022/23 as set out in Section 4.4

3. In relation to the Capital and Investment Strategy and Capital Programme (Section 5);

Recommend Council to:

j)     approve the Capital and Investment Strategy for 2021/22 - 2031/32 (Section 5.1) including;

                                           (i)   the Minimum Revenue Provision Methodology Statement (Section 5.1 Annex 1);

                                          (ii)   the Prudential Indicators (Section 5.1 Annex 2)

                                         (iii)   the updated Pupil Place Plan (Section 5.1 Annex 3) and

k)    approve the Treasury Management Strategy Statement and Annual Investment Strategy for 2022/23 (Section 5.2); and

                                           (i)   continue to delegate the authority to withdraw or advance additional funds to/from external fund managers to the Director of Finance;

                                          (ii)   approve that any further changes required to the 2022/23 Treasury Management Strategy be delegated to the Director of Finance in consultation with the Leader of the Council and the Cabinet Member for Finance;

                                         (iii)   approve the Treasury Management Prudential Indicators; and

                                        (iv)   approve the Specified Investment and Non Specified Investment instruments as set out in Section 5.2 paragraphs 55 to 60;

l)     approve the Investment Strategy for Property Investment (Section 5.3);

m)  approve the Property Strategy (Section 5.4);

n)    approve the new capital proposals for inclusion in the Capital Programme (Section 5.5)

o)    approve the capital programme (Section 5.6);