Agenda item

Budget & Business Planning Report 2023-24 - January 2023

Cabinet Member: Finance

Forward Plan Ref: 2022/131

Contact: Kathy Wilcox, Head of Financial Strategy, 07788 302163

Report by Director of Finance (CA8).

To propose the 2023/24 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.

NB Report from the Cabinet Member for Finance to follow.

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

Cabinet is RECOMMENDED to RECOMMEND Council:

a) adopt the updated strategic plan.

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

Cabinet is RECOMMENDED to:

b) approve the Review of Charges for 2023/24 and in relation to the Registration Service, charges also for 2024/25 (Annex A);

c) approve the changes to the High Needs budget (Annex B Table 1);

d) agree that in the event that the Council’s disapplication request referred to in Paragraph 5 Annex B is approved by the Secretary of State then to proceed with Option 1 to use £2.3m transferred from the DSG Schools Block to the DSG High Needs Block to fund investment in Early Intervention, and, in the event that the disapplication request is not approved by the Secretary of State then to proceed with Option 2 and use additional grant funding provided by central government;

e) Receive the observations from Performance and Corporate Services Overview and Scrutiny Committee;

f) approve the Financial Strategy for 2023/24 (Section 4.5);

g) approve the Earmarked Reserves and General Balances Policy Statement 2023/24 (Section 4.6);

h) delegate to the Leader of the Council, the Cabinet Member for Finance and the Director of Finance, acting jointly, to make any appropriate changes to the proposed budget following the recommendations of the Performance and Corporate Services Overview and Scrutiny Committee.

Cabinet is RECOMMENDED to RECOMMEND Council:

i) approve a Medium Term Financial Strategy for 2023/24 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);

j) agree the council tax and precept calculations for 2023/24 set out in Section 4.3 and in particular:

(i) a precept of £466,654,610.58;

(ii) a council tax for band D equivalent properties of £1,734.03.

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

Cabinet is RECOMMENDED to recommend Council to:

k) approve the Capital and Investment Strategy for 2023/24 - 2033/34 (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) and

l) approve the Treasury Management Strategy Statement and Annual Investment Strategy for 2023/24 (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 2023/24 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.

m) approve the new capital proposals for inclusion in the Capital Programme and proposed pipeline schemes (Section 5.3)

n) approve the capital programme (Section 5.4).

Minutes:

Cabinet had before it proposals for the Strategic Plan and related revenue budget for 2023/24, medium term financial strategy to 2025/26 capital programme to 2032/33 plus supporting policies, strategies and information.

The amendments to documents identified in the Addenda were agreed.

In paragraph 8 of the main report, it was agreed to replace “will be considered by the Committee on 24 January 2022” with “will be considered by Cabinet on 24 January 2023”.

Councillor Calum Miller, Cabinet Member for Finance, introduced the report. He explained the background to the preparation of the budget including the difficult economic climate and the volatile political environment which had created significant challenges for the Council. He summarised the budget proposals including the budget reductions to some services, additional funding for essential services, the funding available from central government and the reasoning for increases to Council Tax in line with government recommendations. He thanked all those who had contributed to the budget consultation exercise.

Councillor Miller moved, and Councillor Enright seconded the recommendations and they were agreed.

RESOLVED to RECOMMEND Council to:-