Agenda item

** Please note that appendix 9 will follow as it is 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.

Recommendations

1.1           To consider and approve the Business Plan set out in Appendix 1.

1.2           To note the Risk Register contained at Appendix 2.

1.3           To consider and approve 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 approve the MTFS, Revenue Budget 2020/21 and Capital Programme, including the growth and savings proposals included at Appendix 8.

1.5           To consider and approve a minimum level of General Fund reserves of £2m.

1.6           To consider and approve 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 approve the Treasury Management Strategy, including the Prudential Indicators, Minimum Revenue Provision (MRP) Policy and Affordable Borrowing Limit for 2020/21 (Appendix 6).

1.9           To note the contents of the Section 25 report from the Chief Finance Officer in relation to the robustness of estimates and adequacy of reserves.

1.10       To consider and approve the appended statement of pay policy for 2020/21 as required by the Localism Act and detailed in Appendix 9.

1.11       To note the equality impact assessment for 2020/21 detailed in Appendix 10.

Resolved

(1)          That, having given due consideration, the Business Plan (Annex to the Minutes as set out in the Minute Book) be approved.

(2)          That, having given due consideration, the Risk Register (Annex to the Minutes as set out in the Minute Book) be approved.

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

(4)          That, having given due consideration, the MTFS, Revenue Budget 2020/21 and Capital Programme, including the growth and savings proposals (Annex to the Minutes as set out in the Minute Book) be approved.

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

(6)          That, having due consideration, 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.

(7)          That, having given due consideration, the proposed Fees & Charges schedule (Annex to the Minutes as set out in the Minute Book) be approved.

(8)          That, having given due consideration, 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) be approved.

(9)          That it be noted that the Section 25 report from the Chief Finance Officer in relation to the robustness of estimates and adequacy of reserves had been considered and noted at the previous agenda item.

(10)       That, having given due consideration, the statement of pay policy for 2020/21 as required by the Localism Act (Annex to the Minutes as set out in the Minute Book) be approved.

(11)       That, having given due consideration, the equality impact assessment for 2020/21 (Annex to the Minutes as set out in the Minute Book) be noted.

Prior to consideration of the item, the Chairman sought the agreement of Members to suspend standing orders with regard to the duration of the speech by the proposer of the budget, or the speeches of the Group Leaders. Members indicated agreement.

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

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.

In introducing the report, the Lead Member for Financial Management and Governance explained that the Council was required to produce a balanced budget for 2020/21 as the basis for calculating its level of Council Tax. It had to base that budget on its plans for service delivery during the year, recognising any changes in service demand that may arise in future years.

The Lead Member for Financial Management and Governance explained that the business plan informed the development of the annual budget and the operational Service Plans for the delivery of all Council services. This year, there had been a thorough review of the business plan, resulting un four new priorities: Housing that meets your needs; Leading on environmental sustainability; An enterprising economy with strong and vibrant local centres; and, Healthy, resilient and engaged communities.

The report provided 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 Council to help further shape both budget setting for 2020/21 and the MTFS for 2020/24.

Councillor Ilott thanked the Executive Director Finance (Interim) and the finance team who had worked hard on the budget process and submitted a balanced budget to Council. Councillor Ilott also thanked the Budget Planning Committee, Overview and Scrutiny 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 Business Plan and Budget for 2020/21 and the Medium Term Financial Strategy 2020/2024. 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 be proposing no amendments.

Councillor Tyson, on behalf of the Progressive Oxfordshire Group, addressed Council in response to the budget and confirmed that he would be proposing no amendments.

Councillor Sibley had submitted apologies for the meeting and therefor did not address Council in response to the budget but had confirmed prior to the meeting that would not be proposing no amendments.

A recorded vote was taken, and members voted as follows

Resolved

(1)           That, having given due consideration, the Business Plan (Annex to the Minutes as set out in the Minute Book) be approved.

(2)           That, having given due consideration, the Risk Register (Annex to the Minutes as set out in the Minute Book) be approved.

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

(4)           That, having given due consideration, the MTFS, Revenue Budget 2020/21 and Capital Programme, including the growth and savings proposals (Annex to the Minutes as set out in the Minute Book) be approved.

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

(6)           That, having due consideration, 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.

(7)           That, having given due consideration, the proposed Fees & Charges schedule (Annex to the Minutes as set out in the Minute Book) be approved.

(8)           That, having given due consideration, 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) be approved.

(9)           That it be noted that the Section 25 report from the Chief Finance Officer in relation to the robustness of estimates and adequacy of reserves had been considered and noted at the previous agenda item.

(10)        That, having given due consideration, the statement of pay policy for 2020/21 as required by the Localism Act (Annex to the Minutes as set out in the Minute Book) be approved.

(11)        That, having given due consideration, the equality impact assessment for 2020/21 (Annex to the Minutes as set out in the Minute Book) be noted.