To recommend to Council the capital and revenue budget proposals together with the capital strategy, prudential indicators, treasury management strategy, investment strategy and general fund medium term financial strategy and to approve the business plans.
Councillors considered the capital and revenue budget proposals together with the capital strategy, prudential indicators, treasury management strategy, investment strategy and general fund medium term financial strategy. The business plans were also considered.
The impact of the ongoing COVID – 19 pandemic on revenue streams and budgets was discussed with particular reference to Liberty Leisure. It was noted that the Council was provided support to Liberty Leisure and no redundancies were planned, though a continued impact could lead to a review of this position. This was dependent on the framework for exiting the current lockdown.
It was noted that the government had invited Councils to bid for funding to develop their business cases with regards to the Towns Fund.
There was discussion on withdrawal from balances. It was noted that there was an ongoing programme of efficiencies, reduction of buildings, voluntary redundancies and improved procurement to reduce withdrawals from balances.
1. 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 be approved.
and RECOMMENDED to Council that:
2. The Housing Revenue Account budget as submitted be approved (appendix 2).
3. The General Fund revenue budgets as submitted be approved (appendix 3).
4. The capital submissions and priorities within them be approved (appendix 4).
5. The Deputy Chief Executive be authorised to arrange the financing of the capital programme as necessary (appendix 4).
6. An amount of £25,000 be provided for a General Contingency in 2020/21 (appendix 3).
7. The council tax requirement for 2021/22 including special expenses (but excluding local precepting requirements) be £5,905,271 (appendix 3).
8. An amount of £764,522 be withdrawn from the General Fund reserve in 2021/22 (appendix 3).
9. An amount of £30,000 be added to the General Fund earmarked reserves in 2021/22 (appendix 3).
10. The Capital Strategy 2021/22 to 2023/24 be approved (appendix 5)
11. The Minimum Revenue Provision policy as set out be approved (appendix 6).
12. The Treasury Management Strategy Statement 2021/22 to 2023/24 be approved (appendix 6).
13. The Investments Strategy 2021/22 to 2023/23 be approved (appendix 7).
14. The General Fund Medium Term Financial Strategy 2021/22 to 2024/25 be approved (appendix 8).