Agenda item

Report of Assistant Director of Finance & Section 151 Officer

Purpose of report

This report is the culmination of the Budget and Business Planning process for 2022/23 to 2026/27 and sets out the Executive’s proposed Business Plan and related revenue budget for 2022/23, medium term financial strategy to 2026/27, capital programme to 2026/27 and all supporting policies, strategies and information.

Recommendations           

The Council is recommended:

1.1         In relation to the Business Plan (Section 3.1):

1.1.1     To approve the Business Plan set out in Appendix 1.

1.2         Have regard to the statutory report of the Chief Finance Officer (Section 25 report) at Appendix 2 in approving recommendations 1.3 – 1.6.

1.2.1       To delegate authority to the S151 Officer, in consultation with the Lead Member for Finance and Governance, to agree the apportionment of settlement costs relating to the ending of the S113 Partnership Agreement with Oxfordshire County Council, in line with the Financial Principles agreed by Council 7 February 2022 for the termination of the Agreement.

1.3         In relation to the Revenue Budget (Section 3.3) and Medium-Term Financial Strategy (MTFS) (Section 3.6).

1.3.1       To agree that the net revenue budget for the financial year commencing on 1 April 2022, as set out in Table 3.3.1, and further analysed in the Budget Book provided at Appendix 11, be approved.

1.3.2       To agree that the MTFS and Revenue Budget 2022/23 (Sections 3.6 and 3.3 respectively), including the Savings Proposals, and Pressures included at Appendices 3 and 4 respectively.

1.4         In relation to Council Tax:

1.4.1       To agree an increase in the Basic Amount of Council Tax for Cherwell District Council for the financial year beginning on 1 April 2022 of £5, resulting in a Band D charge of £143.50 per annum.

1.5         In relation to the Capital Programme and related strategies (Section 3.4):

1.5.1       To approve the Capital Bids and Capital Programme at Appendix 16 and 17 respectively.

1.5.2       To approve the Capital and Investment Strategy (Appendix 18).

1.5.3       To approve the Treasury Management Strategy, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2022/23 (Appendix 19)

1.5.4       To approve the Property Investment Strategy (Appendix 20).

1.6         In relation to reserves:

1.6.1       To approve a minimum level of General Balances of £6m.

Resolved

(1)          That the Business Plan (annex to the Minutes as set out in the Minute Book) be approved.

(2)          That, having due regard, the statutory report of the Chief Finance Officer (Section 25 report) be noted.

(3)          That authority be delegated to the S151 Officer, in consultation with the Lead Member for Finance and Governance, to agree the apportionment of settlement costs relating to the ending of the S113 Partnership Agreement with Oxfordshire County Council, in line with the Financial Principles agreed by Council 7 February 2022 for the termination of the Agreement.

(4)          That the net revenue budget for the financial year commencing on 1 April 2022 (annexes to the Minutes as set out in the Minute Book) be approved.

(5)          That the Medium Term Financial Strategy (MTFS) and Revenue Budget 2022/23, including the Savings Proposals, and Pressures (annexes to the Minutes as set out in the Minute Book) be approved.

(6)          That an increase in the Basic Amount of Council Tax for Cherwell District Council for the financial year beginning on 1 April 2022 of £5, resulting in a Band D charge of £143.50 per annum be agreed.

(7)          That the Capital Bids and Capital Programme (annexes to the Minutes as set out in the Minute Book) be approved.

(8)          That the Capital and Investment Strategy (annex to the Minutes as set out in the Minute Book) be approved.

(9)          That the Treasury Management Strategy, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2022/23 (annex to the Minutes as set out in the Minute Book) be approved.

(10)       That the Property Investment Strategy (annex to the Minutes as set out in the Minute Book) be approved.

(11)       That a minimum level of General Balances of £6m be approved.

Prior to consideration of the item, the Chair sought the agreement of Members to suspend standing orders and allow 10 minutes for the speech by the proposer of the budget, and the speeches of the Group Leaders or their nominated representative. All other speakers would continue to have a three minute time limit. Members indicated agreement.

The Chair reminded Council that it was required in legislation that any motion or amendment to the budget and council tax setting be taken by recorded vote and this would be done at the appropriate time.

The Assistant Director of Finance & Section 151 Officer submitted a report which was the culmination of the Budget and Business Planning process for 2022/23 to 2026/27 and set out the Executive’s proposed Business Plan and related revenue budget for 2022/23, medium term financial strategy to 2026/27, capital programme to 2026/27 and all supporting policies, strategies and information.

Councillor Ilott thanked the Assistant Director of Finance, the finance team and the former Director of Finance who had worked hard on the budget process and submitted a balanced budget to Council. Councillor Ilott also thanked the Budget Planning Committee and Accounts, Audit and Risk Committee for their hard work supporting the budget setting and business plan process.

Having presented the report, Councillor Ilott proposed the adoption of the Business Plan and related revenue budget for 2022/23, medium term financial strategy to 2026/27, capital programme to 2026/27 and all supporting policies, strategies and information. Councillor Wood seconded the proposal.

Councillor Woodcock, on behalf of the Labour Group, addressed Council in response to the budget and confirmed that he would not be proposing no amendments.

Councillor Middleton, on behalf of the Progressive Oxfordshire Group, addressed Council in response to the budget and confirmed that she would not be proposing no amendments.

Councillor Sibley, on of behalf of the Independent Group, addressed Council in response to the budget and confirmed that he would not be proposing no amendments.

A recorded vote was taken, and Members voted as follows

Resolved

(1)          That the Business Plan (annex to the Minutes as set out in the Minute Book) be approved.

(2)          That, having due regard, the statutory report of the Chief Finance Officer (Section 25 report) be noted.

(3)          That authority be delegated to the S151 Officer, in consultation with the Lead Member for Finance and Governance, to agree the apportionment of settlement costs relating to the ending of the S113 Partnership Agreement with Oxfordshire County Council, in line with the Financial Principles agreed by Council 7 February 2022 for the termination of the Agreement.

(4)          That the net revenue budget for the financial year commencing on 1 April 2022 (annexes to the Minutes as set out in the Minute Book) be approved.

(5)          That the Medium Term Financial Strategy (MTFS) and Revenue Budget 2022/23, including the Savings Proposals, and Pressures (annexes to the Minutes as set out in the Minute Book) be approved.

(6)          That an increase in the Basic Amount of Council Tax for Cherwell District Council for the financial year beginning on 1 April 2022 of £5, resulting in a Band D charge of £143.50 per annum be agreed.

(7)          That the Capital Bids and Capital Programme (annexes to the Minutes as set out in the Minute Book) be approved.

(8)          That the Capital and Investment Strategy (annex to the Minutes as set out in the Minute Book) be approved.

(9)          That the Treasury Management Strategy, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2022/23 (annex to the Minutes as set out in the Minute Book) be approved.

(10)       That the Property Investment Strategy (annex to the Minutes as set out in the Minute Book) be approved.

(11)       That a minimum level of General Balances of £6m be approved.