Agenda item

Decision:

1.     That the transfers to/from reserves, as set out in Section 8 and Appendix 2 of the report submitted to the Executive be approved.

2.     That the growth and savings items included in the General Fund Summary at Appendix 2 and set out in detail in Appendix 3 to the report be approved.

3.     That the savings identified in the updated savings strategy at Appendix 4 to the report, to be delivered over the medium-term plan period, be approved.

4.     That the financial risk register set out in Appendix 5 to the report be approved, and that the Executive notes that level of reserves are currently sufficient to meet the Council’s risks.

The Executive made the following recommendations to Council (9 February 2022):

1.     That the budget, as set out in the General Fund Summary in Appendix 2 to the report be approved, and specifically that the Council Tax requirement for 2022-23 be set at £10,898,310.

2.     That the proposed fees and charges for 2022-23 relating to General Fund services and attached at Appendix 6 to the report be adopted with effect from 1 April 2022.

3.     That the Band D Council Tax for 2022-23 be set at £186.82, an increase of £5 (2.75%)

Reason:

To enable the Council to set the Council Tax requirement and council tax for the 2022-23 financial year.

Other options considered and rejected by the Executive:

None.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:

None.

The Executive considered a report that set out the overall financial position of the Council and outlined the proposed budget for 2022-23, which included a Council Tax requirement of £10,898,310and a Council Tax increase of £5 per year (2.75%), resulting in a Band D charge of £186.82.  The Council was required to set a balanced budget for 2022-23 and the report would be considered by Full Council on 9 February 2022.

The Lead Councillor for Resources introduced the report which built upon the draft budget put before the Executive on 23 November 2021 where a budget gap for the coming financial year of £1.2 million was identified. The Council had continued to act to address the shortfall by progressing its medium-term financial strategy (previously known as the ‘savings strategy’) that was agreed in June 2021. Since November, the Council had received the provisional Local Government Finance Settlement (LGFS) for 2021-22 on 16 December 2021.  The figures included in the budget presented reflected the information contained in the settlement. Overall, the LGFS had been positive for the Council as it included additional funding in a number of areas set out in the report.

The report had set out the up-to-date budget figures since November and including those arising from the parking business plan and the debt cost in terms of the Minimum Revenue Provision and interest set out in the capital investment strategy considered earlier on the agenda. The budget movement summary of growth and savings had been included in the General Fund Summary. The fees and charges proposed for 2022-23 would increase by 3% from 2021-22 where the market allowed; however, as identified in the budget movement summary and the parking business plan, some fees would increase by more than 3%. 

The Chief Financial Officer’s report was included as an appendix and set out in detail the strategic economic framework in which the Council was operating, an overview of local government funding, the challenges faced by the Council and the long-term financial plan. Whilst a balanced budget was expected for 2022-23, overall the Council faced a budget gap over the medium term of £3.3 million.

The Executive

RESOLVED:

(1)    That the transfers to and from reserves, as set out in Section 8 and Appendix 2 of the report submitted to the Executive be approved.

(2)    That the growth and savings items included in the General Fund Summary at Appendix 2 and set out in detail in Appendix 3 to the report be approved.

(3)    That the savings identified in the updated savings strategy at Appendix 4 to the report, to be delivered over the medium-term plan period, be approved.

(4)    That the financial risk register set out in Appendix 5 to the report be approved, and that the Executive notes that level of reserves are currently sufficient to meet the Council’s risks.

The Executive also made the following recommendations to Council (9 February 2022):

(1)    That the budget, as set out in the General Fund Summary in Appendix 2 to the report be approved, and specifically that the Council Tax requirement for 2022-23 be set at £10,898,310.

(2)    That the proposed fees and charges for 2022-23 relating to General Fund services and attached at Appendix 6 to the report be adopted with effect from 1 April 2022.

(3)    That the Band D Council Tax for 2022-23 be set at £186.82, an increase of £5 (2.75%)

Reason:

To enable the Council to set the Council Tax requirement and council tax for the 2022-23 financial year.