Issue - meetings

[To consider and determine the Council’s budgetary provisions for the forthcoming municipal year:

·                Capital Programme 2019-2020 to 2023-2024 quarter three review and 2020-  2021 to 2024-2025 budget strategy

·                Treasury Management Strategy 2020-2021 

·                Final Budget and Medium-Term Financial Strategy 2020-2021 to 2023-2024

·                Council Tax Formal Resolutions.]

1.     That the revised medium term General Revenue Account capital programme of £368.4 million, an increase of £41.3 million from the previously approved programme, and the change in associated resources be approved.

2.     That the authorised borrowing limit for 2020-2021 to support the capital strategy as required under Section 3(1) of the Local Government Act 2003 be set at £1,136.6 million (PI3, Appendix 3 to the Cabinet report); the forecast borrowing is below the authorised borrowing limit.

3.     That the Treasury Management Strategy Statement 2020-2021 as set out in Appendix 1 to the Cabinet report be approved.

4.     That the Annual Investment Strategy 2020-2021 as set out in Appendix 2 to the Cabinet report be approved.

5.     That the Prudential and Treasury Management Indicators as set out in Appendix 3 to the Cabinet report be approved.

6.     That the Annual Minimum Revenue Provision (MRP) Statement setting out the method used to calculate MRP for 2020-2021 as set out in Appendix 4 to the Cabinet report be approved.

7.     That the Treasury Management Policy Statement and Treasury Management Practices as set out in Appendix 6 to the Cabinet report be approved.

8.     That that authority continues to be delegated to the Director of Finance to amend the Treasury Management Policy and Practices and any corresponding changes required to the Treasury Management Strategy, the Prudential and Treasury Management Indicators, the Investment Strategy and the Annual MRP Statement to ensure they remain aligned. Any amendments would be reported to the Cabinet Member for Resources and Cabinet (Resources) Panel as appropriate.

9.     That the net budget requirement for 2020-2021 of £248.2 million for General Fund services as set out in paragraph 19.1 of the Cabinet report be approved.

10.  That the Medium Term Financial Strategy (MTFS) 2020-2021 to 2023-2024 as detailed in Table 7 and the budget preparation parameters underpinning the MTFS as detailed in Appendix 1 to the Cabinet report be approved.

11.  That a Council Tax for Council services in 2020-2021 of £1,681.58 for a Band D property, being an increase of 3.99% on 2019-2020 levels, which incorporates the 2% increase in relation to Adult Social Care (paragraph 9.6 of the Cabinet report) be approved.

12.  That work starts on developing budget reductions and income generation proposals for 2021-2022 onwards in line with the Five Year Financial Strategy (paragraph 19.5 of the Cabinet report).

13.  That revisions to the local council tax support scheme to introduce a disregard of any compensatory payments that are similarly disregarded in the prescribed scheme, and any transitional payments made to compensate for the loss of the severe disability premium in Universal Credit (paragraph 10.5 of the Cabinet report) be approved.

14.  That it be noted that the Council Tax base for the year 2020-2021 is calculated at 64,726.80 (Item T in the formula in Section 31B of the Local Government Finance Act 1992, as amended (the “Act”), as reported to Cabinet on 22  ...  view the full decision text for item 6

Councillor Louise Miles presented the Final Budget Report 2020 – 2021 which encompassed the Capital Programme 2019-2020 to 2023-2024 quarter three review and 2020-2021 to 2024-2025 budget strategy, Treasury Management Strategy 2020-2021, Final Budget and Medium Term Financial Strategy 2020-2021 to 2023-2024 and Council Tax Formal Resolutions for approval.

Councillor Louise Miles outlined the recommendations of the report, drawing Councillors attention to the challenges that the Council faced. She advised the proposed budget was balanced and that resources were aligned to key policies of the Council.

Councillor Louise Miles advised that the Council was committed to funding fire safety measures, investing in the city for regeneration projects, education, highways, climate change and young people. 

Councillor Louise Miles advised that Council Tax would be increased by 1.99% and adult social care by 2%.  She went on to outline the rationale for increasing these taxes.

Councillor Louise Miles commended the work of the Director of Finance and the Finance Team.

Councillor Louise Miles proposed the recommendations and the Leader of the Council, Councillor Ian Brookfield seconded the recommendations.

Councillor Wendy Thompson provided the principle speech in response to the budget report.

The report was debated by Council.

In accordance with the Local Authorities (Standing Orders) (England) (Amendment) Regulations 2014 the votes were recorded as follows:

The motion was CARRIED by 40 votes. There were eight abstentions.  

Resolved:

1.       That the revised medium term General Revenue Account capital programme of £368.4 million, an increase of £41.3 million from the previously approved programme, and the change in associated resources be approved.

2.       That the authorised borrowing limit for 2020-2021 to support the capital strategy as required under Section 3(1) of the Local Government Act 2003 be set at £1,136.6 million (PI3, Appendix 3 to the Cabinet report); the forecast borrowing is below the authorised borrowing limit.

3.       That the Treasury Management Strategy Statement 2020-2021 as set out in Appendix 1 to the Cabinet report be approved.

4.       That the Annual Investment Strategy 2020-2021 as set out in Appendix 2 to the Cabinet report be approved.

5.       That the Prudential and Treasury Management Indicators as set out in Appendix 3 to the Cabinet report be approved.

6.       That the Annual Minimum Revenue Provision (MRP) Statement setting out the method used to calculate MRP for 2020-2021 as set out in Appendix 4 to the Cabinet report be approved.

7.       That the Treasury Management Policy Statement and Treasury Management Practices as set out in Appendix 6 to the Cabinet report be approved.

8.       That that authority continues to be delegated to the Director of Finance to amend the Treasury Management Policy and Practices and any corresponding changes required to the Treasury Management Strategy, the Prudential and Treasury Management Indicators, the Investment Strategy and the Annual MRP Statement to ensure they remain aligned. Any amendments would be reported to the Cabinet Member for Resources and Cabinet (Resources) Panel as appropriate.

9.       That the net budget requirement for 2020-2021 of £248.2 million for General Fund services  ...  view the full minutes text for item 6