Decision Maker: Finance and Resources Committee
Decision status: Recommendations Approved
The Committee considered the budget proposals and associated strategies with particular reference to notional capital charges and the amounts being drawn from reserves. The following comments were amongst those made:
· There should be less volatility around business rates.
· Changes to the staffing budget would be a result of the evaluation of a number of posts.
· Should there be any movement on tram compensation this should be reported to members.
· There was no budget provision for legal costs in the 2020/21 budget.
· It was noted that in line with the Rent Setting Policy approved by Housing Committee on 18 September 2019 the Formula rent would be used to set rents for all new tenancies. Where there was a large difference between the previous rent charged and the new rent level the increase would be limited to 10%.
RESOLVED that the business plans for the Council’s corporate priorities and support functions, subject to amendment as a result of any budget decisions still to be taken by Council recommended by the relevant policy committees.
RECOMMENDED to Council that:
1. The Housing Revenue Account budget as submitted be approved (appendix 2).
2. The General Fund revenue budgets as submitted be approved (appendix 3).
3. The capital submissions and priorities within them be approved (appendix 4).
4. The Deputy Chief Executive be authorised to arrange the financing of the capital programme as necessary (appendix 4).
5. An amount of £25,000 be provided for a General Contingency in 2020/21 (appendix 3).
6. The council tax requirement for 2020/21 including special expenses (but excluding local precepting requirements) be £5,704,431 (appendix 3).
7. An amount of £1,167,316 be withdrawn from the General Fund reserve in 2020/21 (appendix 3).
8. An amount of £30,000 be added to the General Fund earmarked reserves in 2020/21 (appendix 3).
9. The Capital Strategy 2020/21 to 2022/23 be approved (appendix 5)
10. The Minimum Revenue Provision policy as set out be approved (appendix 6).
11. The treasury management strategy statement 2020/21 to 2022/23 be approved (appendix 6).
12. The investments strategy 2020/21 to 2022/23 be approved (appendix 7).
13. The General Fund Medium Term Financial Strategy 2020/21 to 2023/24 be approved (appendix 8).
Publication date: 18/06/2020
Date of decision: 13/02/2020
Decided at meeting: 13/02/2020 - Finance and Resources Committee