Issue - meetings

To approve, following a recorded vote, the Council’s Budget for the Financial Year, 2021/22.

The Cabinet met on 3^rd February 2021 to consider the following reports relating to the Council’s Budget, 2021/22.
(i) Budget Management Update (February)/Draft Budget 2021/22.

(ii) Capital Programme 2025/26.

(iii) Treasury Management Strategy Statement 2021/22

Cabinet Minutes 44, 45 and 46 relating to these reports are attached (Pages 17 to 21).                             .

The Council considered joint reports of the Cabinet Member for Commercialisation, Education and Skills and  Corporate Director of Finance and Assets  considered by the Cabinet on 18^th February 2021 relating to (i) Budget Management Update (February)/Draft Budget, (ii) Capital Programme to 2025/26, (iii) Treasury Management Strategy Statement 2021/22, and (iv) Minute 44 of the Cabinet (Budget 2021/22 and Beyond), Minute 45 of the Cabinet (Capital Programme to 2025/26) and Minute 46 of the Cabinet (Treasury Management Strategy Statement 2021/22).

The Cabinet Member for Commercialisation, Education and Skills advised the Council of two technical changes to the minutes and report as set out below:

(a) Minute 44(c) be amended to read: “It be determined that the proposed increase in the basic amount of Council Tax for 2021/22 is not excessive in accordance with Schedule 5 of the Localism Act 2011 and therefore does not trigger the requirement for a referendum.”, and

(b) That in the Budget Management Update (February)/Draft Budget report to Cabinet Appendix 4 on page 48 of the agenda papers an heading under “Service Area – Adult, Housing & Public Health identifying £500,000 be amended to include the following description of funding “Demand Pressure - Learning Disability, increased number of older adults requiring social care services”.

The Council agreed that the proposed corrections be accepted as they corrected technical errors and had no impact on the budget itself and did not constitute an amendment.

Councillor Russell Holland moved and Councillor David Renard seconded that Minute 44(10)(a)(b)(c) of the Cabinet (Budget Management Update (February)/Draft Budget), as corrected, Minute 45(1) (Capital Programme to 2025/26) and Minute 46(1) (Treasury Management Strategy Statement 2021/22)  be confirmed and adopted.

Councillor Kevin Small moved and Councillor Jim Grant seconded:

That the wording in the resolution be deleted and replaced with the following:

“The Council agrees that:

1.    The 2021/22 Budget be set at £153.277m.

2.    The council tax be increased by 4.99%, comprising 1.99% for the basic amount of council tax and a specific adult social care precept of 3%.

3.    The Capital Financing Budget will increase by an additional £100k from the figure stated in the Budget Report and a further £100k be allocated for revenue support for the Oasis on the basis that the Cabinet Member with responsibility for Finance will bring a report to the July Cabinet on the early release of £200k of the 2022/23 Efficiency and Productivity Savings as listed in Table 1 of the Medium Term Financial Strategy and Efficiency Statement, which is included in the Budget Report at Appendix 6.

4.    The Medium Term Strategy be amended to reflect the fact that an additional £370k of revenue savings will be required in 2022/23 to support the Capital Programme.

5.    To note that the proposed amendment has been checked by the Section 151 Officer who has confirmed that this alternative budget for 2021/22 is financially deliverable, if agreed, and the Budget would be lawful.

6.    It be determined that the proposed increase  ...  view the full minutes text for item 83

Councillor Russell Holland, the Cabinet Member for Commercialisation, Education, and Skills along with the Corporate Director of Finance and Assets submitted a joint report on the Treasury Management Strategy for 2021/22, including Prudential Indicators up to 2025/26, the Annual Investment Strategy, and the Minimum Revenue Provision Policy Statement.

Councillor Holland introduced the joint report and summarised the Strategy, which has an important role in delivering the Capital Programme and is subject to scrutiny through the Audit Committee.

Resolved:(1) That the Treasury Management Strategy, Minimum Revenue Provision Policy and Prudential Indicators, as set out in Appendix 1, be recommended for approval by Full Council on 18th February 2021.

(2) That the prohibition of borrowing from the Public Works Loan Board to support the purchase of “debt for yield” investments, as detailed in paragraphs 3.27 to 3.29, be noted.

The reasons for the decision and alternative options are as set out in the report to the meeting.

(Councillor Dale Heenan, Cabinet Member for the Town Centre, Culture, and Heritage, left the meeting at the end of this item but returned for Agenda Item 14/Minute 53.)