Agenda item

Report by the Director of Finance and Corporate Director Customers, Organisational Development & Resources

This report is the culmination of the Budget and Business Planning process for 2023/24 to 2025/26. It sets out the Cabinet’s proposed budget for 2023/24, medium term financial plan to 2025/26 and capital programme to 2032/33, together with a number of strategies and policies that the Council is required to approve for the 2023/24 financial year.

The report is divided into four sections, Section 1, the Strategic Plan is set out at item CC9 on this agenda.

The Council is RECOMMENDED to:

a.     have regard to the statutory report of the Director of Finance (at Section 3) in approving recommendations b to d below;

b.    (in respect of the budget and medium term financial strategy – at Section 4) approve:

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

(i)              a precept of £466,654,611;

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

(2)        a budget for 2023/24 as set out in Section 4.4;

(3)        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);

(4)        the Financial Strategy for 2023/24 at Section 4.5;

(5)        the Earmarked Reserves and General Balances Policy Statement 2023/24 at Section 4.6 including

(i)              the Chief Finance Officer’s recommended level of General Balances for 2023/24 (Section 4.6), and

(ii)             the planned level of Earmarked Reserves for 2023/24 to 2025/26 (Section 4.6.1)

c.      (in respect of capital – at Section 5) approve:

(1)        the Capital & Investment Strategy for 2023/24 to 2032/33 including the Prudential Indicators and Minimum Revenue Provision Methodology Statement as set out in Section 5.1;

(2)        a Capital Programme for 2022/23 to 2032/33 as set out in Section 5.4 which includes new capital proposals set out in Section 5.3.

d.    (in respect of treasury management – at Section 5) approve:

(1)        the Treasury Management Strategy Statement and Annual Investment Strategy for 2023/24 at Section 5.2 including the Treasury Management Prudential Indicators and the Specified Investment and Non-Specified Investment Instruments.

(2)        that any further changes required to the 2023/24 strategy be delegated to the Chief Finance Officer in consultation with the Leader of the Council and the Cabinet Member for Finance;

Before the Council were the report and annexes, the Leader of the Council’s statement, the Conservative Independent Alliance Group amendment and the Schedule of Business.

Councillor Leffman moved and Councillor Miller seconded the Cabinet’s recommendations in relation to the revenue budget for 2023/24 and Medium Term Financial Strategy (MTFS) to 2025/26 In moving and seconding the motion, Councillor Leffman and Councillor Miller paid tribute to Lorna Baxter, Kathy Wilcox and the finance team for all their work in preparing the budget.

Councillor Reeves moved and Councillor Bartholomew seconded an amendment to the Council’s budget as set out the additional papers. Councillor Reeves thanked the Director of Finance and her team for their work on the amended budget.

Following debate, the amendment by the Conservative Independent Alliance Group was lost by 36 votes to 18 with no abstentions.

Councillors voting for the amendment (18):

Bartholomew, Bloomfield, Champken-Woods, Constance, Fatemian, Fenton, Ford, Ilott, Leverton, Mallon, Murphy, Reeves, Reynolds, Sibley, Simpson, Snowdon, Waine and Walker.

Councillors voting against the amendment (36):

Baines, Bearder, Bennett, Brighouse, Cherry, Coles, Enright, Fadlalla, Fawcett, Gant, Gawrysiak, Graham, Hanna, Hannaby, Hicks, Howson, Johnston, Leffman, Levy, Ley, Lygo, Middleton, van Mierlo, Miller, O’Connor, Phillips, Povolotsky, Pressel, Roberts, Rooke, Rouane, Saul, Smith, Sudbury, Thomas, Webber

Following debate the Substantive motion was put to the vote carried by 36 votes to 14 with no abstentions.

Councillors voting for the motion (36):

Baines, Bearder, Bennett, Brighouse, Cherry, Coles, Enright, Fadlalla, Fawcett, Gant, Gawrysiak, Graham, Hanna, Hannaby, Hicks, Howson, Johnston, Leffman, Levy, Ley, Lygo, Middleton, van Mierlo, Miller, O’Connor, Phillips, Povolotsky, Pressel, Roberts, Rooke, Rouane, Saul, Smith, Sudbury, Thomas, Webber

Councillors voting against the motion (14):

Bartholomew, Champken-Woods, Constance, Fatemian, Fenton, Ford, Ilott, Leverton, Mallon, Reeves, Sibley, Snowdon, Waine and Walker.

It was accordingly

RESOLVED to:

a.     have regard to the statutory report of the Director of Finance (at Section 3) in approving recommendations b to d below;

b.     (in respect of the budget and medium term financial strategy – at Section 4) approve:

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

(i)              a precept of £466,654,611;

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

(2)        a budget for 2023/24 as set out in Section 4.4;

(3)        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);

(4)        the Financial Strategy for 2023/24 at Section 4.5;

(5)        the Earmarked Reserves and General Balances Policy Statement 2023/24 at Section 4.6 including

(i)              the Chief Finance Officer’s recommended level of General Balances for 2023/24 (Section 4.6), and

(ii)             the planned level of Earmarked Reserves for 2023/24 to 2025/26 (Section 4.6.1)

c.      (in respect of capital – at Section 5) approve:

(1)        the Capital & Investment Strategy for 2023/24 to 2032/33 including the Prudential Indicators and Minimum Revenue Provision Methodology Statement as set out in Section 5.1;

(2)        a Capital Programme for 2022/23 to 2032/33 as set out in Section 5.4 which includes new capital proposals set out in Section 5.3.

d.     (in respect of treasury management – at Section 5) approve:

(1)        the Treasury Management Strategy Statement and Annual Investment Strategy for 2023/24 at Section 5.2 including the Treasury Management Prudential Indicators and the Specified Investment and Non-Specified Investment Instruments.

(2)        that any further changes required to the 2023/24 strategy be delegated to the Chief Finance Officer in consultation with the Leader of the Council and the Cabinet Member for Finance;