Issue - items at meetings - Budget and Business Plan 2022/23

Report of Director of Finance

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 Executive is recommended to:

1.1 Approve the proposed Fees and Charges for 2022/23 (Appendix 6).

1.2 Note the equality impact assessment of the Budget (Appendix 7).

1.3 Note the Report on Responses to the Budget Consultation (Appendix 8).

1.4 Approve the Reserves Policy (Appendix 13) and medium-term reserves plan described in Appendix 15.

1.5 Delegate authority to the Section 151 Officer (S151), following consultation with the Leader of the Council and Lead Member for Finance, to complete the legal Council Tax calculations once all the information required has been received.

1.6 Delegate authority to the S151, following consultation with the Leader of the Council and Lead Member for Finance, to make appropriate changes to the Executive’s proposed budget to Council.

The Executive is recommended to recommend to Council:

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

1.7.1 Approve the Business Plan set out in Appendix 1.

1.8 In relation to the Revenue Budget (Section 3.2) and Medium-Term Financial Strategy (MTFS) (Section 3.5):

1.8.1 That the net revenue budget for the financial year commencing on 1 April 2022, as set out in Table 3.2.1, and further analysed in the Budget Book provided at Appendix 11, be approved.

1.8.2 The MTFS and Revenue Budget 2022/23 (Sections 3.5 and 3.2 respectively), including the Savings Proposals, and Pressures included at Appendices 3 and 4 respectively.

1.9 In relation to Council Tax:

1.9.1 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.

1.10 In relation to the Capital Programme and related strategies (Section 3.3) to approve:

1.10.1 The Capital Bids and Capital Programme at Appendix 16 and 17 respectively.

1.10.2 The Capital and Investment Strategy (Appendix 18).

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

1.10.4 The Property Investment Strategy (Appendix 20).

1.11 In relation to reserves to:

1.11.1 Approve a minimum level of General Balances of £6m.

Resolved

(1) That the proposed Fees and Charges for 2022/23 (Annex to the Minutes as set out in the Minute Book) be approved.

(2) That the equality impact assessment of the Budget be noted.

(3) That report on Responses to the Budget Consultation be noted.

(4) That the Reserves Policy and medium-term reserves plan (Annexes to the Minutes as set out in the Minute Book) be approved.

(5) That authority be delegated to the Section 151 Officer (S151), following consultation with the Leader of the Council and Lead Member for Finance and Governance, to complete the legal Council Tax calculations once all the information required has been received.

(6) That authority be delegated to the S151, following consultation with the Leader of the Council and Lead Member for Finance and Governance, to make appropriate changes to the Executive’s proposed budget to Council.

(7) That Full Council be recommended to approve the Business Plan.

(8) That, in relation to the Revenue Budget and Medium-Term Financial Strategy (MTFS), Full Council be recommended to approve:

i. That the net revenue budget for the financial year commencing on 1 April 2022 be approved.

ii. That the MTFS and Revenue Budget 2022/23, including the Savings Proposals, and Pressures, be approved.

(9) That Full Council be recommended 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.

(10) That, in relation to the Capital Programme and related strategies, Full Council be recommended to approve:

i. The Capital Bids and Capital Programme.

ii. The Capital and Investment Strategy.

iii. The Treasury Management Strategy, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2022/23.

iv. The Property Investment Strategy.

(11) That, in relation to reserves, Full Council be recommended to approve a minimum level of General Balances of £6m.

The Director of Finance 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.