Issue - meetings

** Please note that appendices 5 and 7 will follow as they are currently being reviewed and finalised **

Report of Executive Director – Finance (Interim)

Purpose of report

This report provides information on the Council’s Medium-Term Financial Strategy (MTFS) for 2020/24 along with more detailed information on setting the Council’s budget for 2020/21, which will be considered at full Council on 24 February 2020.

Recommendations

1.1           To consider and recommend to Council approval of the Business Plan set out in Appendix 1.

1.2           To note the Risk Register contained at Appendix 2.

1.3           To consider and recommend to Council an increase in the level of Council Tax for Cherwell District Council of £5 for 2020/21 on a Band D property.

1.4           To consider and recommend to Council approval of the MTFS, Revenue Budget 2020/21 and Capital Programme including recommending the growth and savings proposals included at Appendix 8.

1.5           To consider and recommend to Council a minimum level of General Fund reserves of £2m as recommended by the Section 25 report from the Chief Finance Officer in relation to the robustness of estimates and adequacy of reserves.

1.6           To consider and recommend to Council that authority be delegated to the Chief Finance Officer in consultation with the Lead Member for Finance & Governance, and where appropriate the relevant Director and Lead Member to:

·       Transfer monies to/from earmarked reserves should that become necessary during the financial year

·       Update prudential Indicators in both the Prudential Indicators Report and Treasury Management Strategy Report to Council, for any budget changes that impact on these

1.7           To consider the proposed Fees & Charges schedule as set out in Appendix 7.

1.8           To consider and recommend to Council that the Treasury Management Strategy be approved, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2020/21 (Appendix 6).

1.9           To consider and recommend to Council that authority be delegated to the Chief Finance Officer to make any technical changes necessary to the papers for the full Council meeting of 24 February 2020, including changes related to the finalisation of the national Finance Settlement and any associated changes to Parish Precepts and Council Tax resulting from those changes.

Resolved

(1)            That, having given due consideration, the Business Plan (annex to the Minutes as set out in the Minute Book) be recommended to Council for approval.

(2)            That the Risk Register Plan (annex to the Minutes as set out in the Minute Book)  be noted.

(3)            That, having given due consideration, Council be recommended to agree an increase in the level of Council Tax for Cherwell District Council of £5 for 2020/21 on a Band D property.

(4)            That, having given due consideration, Council be recommended to approve the Medium Term Financial Strategy (MTFS), Revenue Budget 2020/21 and Capital Programme including the growth and savings proposals included in the annex to the Minutes (as set out in the Minute Book).

(5)            That, having given due consideration, Council be recommended to approve a  minimum level of General Fund reserves of £2m.

(6)            That, having given due consideration, Council be recommended to delegate authority to the Chief Finance Officer in consultation with the Lead Member for Finance & Governance, and where appropriate the relevant Director and Lead Member to:

·       Transfer monies to/from earmarked reserves should that become necessary during the financial year

·       Update prudential Indicators in both the Prudential Indicators Report and Treasury Management Strategy Report to Council, for any budget changes that impact on these

(7)            That, having given due consideration, the proposed Fees & Charges schedule (annex to the Minutes as set out in the Minute Book) be recommended to Council for approval.

(8)            That, having given due consideration, Council be recommended to approve the Treasury Management Strategy, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2020/21 (annex to the Minutes as set out in the Minute Book).

(9)            That, having given due consideration, Council be recommended to delegate authority to the Chief Finance Officer to make any technical changes necessary to the papers for the Council meeting of 24 February 2020, including changes related to the finalisation of the national Finance Settlement and any associated changes to Parish Precepts and Council Tax resulting from those changes.

The Executive Director – Finance (Interim) submitted a report which provided information on the Council’s Medium-Term Financial Strategy (MTFS) for 2020/24 along with more detailed information on setting the Council’s budget for 2020/21, which would be considered at full Council on 24 February 2020.

Resolved

(1)            That, having given due consideration, the Business Plan (annex to the Minutes as set out in the Minute Book) be recommended to Council for approval.

(2)            That the Risk Register Plan be noted.

(3)            That, having given due consideration, Council be recommended to agree an increase in the level of Council Tax for Cherwell District Council of £5 for 2020/21 on a Band D property.

(4)            That, having given due consideration, Council be recommended to approve the Medium Term Financial Strategy (MTFS), Revenue Budget 2020/21 and Capital Programme including the growth and savings proposals included in the annex to the Minutes (as set out in the Minute Book).

(5)            That, having given due consideration, Council be recommended to approve a  minimum level of General Fund reserves of £2m.

(6)            That, having given due consideration, Council be recommended to delegate authority to the Chief Finance Officer in consultation with the Lead Member for Finance & Governance, and where appropriate the relevant Director and Lead Member to:

·       Transfer monies to/from earmarked reserves should that become necessary during the financial year

·       Update prudential Indicators in both the Prudential Indicators Report and Treasury Management Strategy Report to Council, for any budget changes that impact on these

(7)            That, having given due consideration, the proposed Fees & Charges schedule (annex to the Minutes as set out in the Minute Book) be recommended to Council for approval.

(8)            That, having given due consideration, Council be recommended to approve the Treasury Management Strategy, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2020/21 (annex to the Minutes as set out in the Minute Book).

(9)            That, having given due consideration, Council be recommended to delegate authority to the Chief Finance Officer to make any technical changes necessary to the papers for the Council meeting of 24 February 2020, including changes related to the finalisation of the national Finance Settlement and any associated changes to Parish Precepts and Council Tax resulting from those changes.

Reasons

It is a legal requirement to set a balanced budget and the recommendations as outlined set out a way to achieve this for 2020/2021. 

This report provides information around the various building blocks that make up the proposed budget for 2020/21 and beyond, allowing members to consider and scrutinise the elements of the budget and provide advice and guidance to the Executive to help them further shape both budget setting for 2020/21 and the MTFS for 2020/24.

Alternative options

Option 1: To reject the current proposals and make alternative recommendations.  Members will not be aware of the medium-term financial forecast or implications of alternatives if they choose to take this option.