Agenda item

The Chair introduced the item which sets out the refreshed MTFS and seeks Committee approval for a series of budget management decisions for 2022/23 required as part of normal business in line with the organisations Financial Regulations.

Following consideration of the item, the Chair moved to vote on the recommendations as set out in the report. Votes were recorded as follows:

For – 8

Against – 4

Abstentions – 0

It was RESOLVED that the Committee:

Regarding the Medium Term Financial Strategy (MTFS):

1. Approved delegated authority to the Executive Director of Resources (S151 Officer) to amend the MTFS in line with the 2023/24 Local Government Finance Settlement, to enable the 2023/24 Budget Consultation process to commence as discussed in paragraph 2.12;

2. Noted the summary of the 2022 Autumn Statement and initial financial implications for Local Government in 2023/24;

3. Approved and noted the updates to the 2023/24 MTFS and estimate of 2023-27 budget gap. This will be updated to take account of information from the December 2022 finance settlement;

4. Noted the current MTFS attached as Appendix A and key components summarised in paragraphs 2.7-2.12;

5. Agreed that the savings proposals as set out in Appendix B, subject to consultation and equalities impact assessment, come back to Policy and Resources Committee in February 2023 for referral to Full Council in March 2023 for final approval of the 2023/24 budget including Council Tax;

6. Noted the plans to address future year budget gaps as detailed in 2.13-2.14; and

7. Noted the current position on the Eight Authority Business Rates Pool for 2023/24 discussed in paragraph 2.3.7, and delegates authority to the Executive Director of Resources (S151 Officer) to take all necessary actions to participate in and execute the agreement.

Regarding consultation on budget and council tax proposals:

8. Agreed to consult on the use of the Council’s flexibility to raise the level of General Council Tax by 1.80% in 2023/24 as discussed in paragraph 2.4;

9. Agreed to consult on the use of the Council’s flexibility to apply a 2.00% Social Care Precept, to help fund pressures in social care as set out in paragraph 2.4; and

10.Approved that the council’s budget consultation will be launched in the week of 19 December 2022 for a period of 6 weeks after which the budget, with a cumulative equalities impact assessment, will be considered by this Committee on 22 February 2023, before it is referred to Full Council in March 2023.

In respect of routine financial matters for 2022/23:

11.Noted the contingency budget and allocations from it in section 3.1;

12.Approved the virement set out in 3.2.3 and 3.2.4.

13.Approved the delegation of the virements set out in 3.2.5-3.2.7 to the Chief Finance Officer (S151 Officer).

14.Approved the writes-offs for Business Rates debt, Housing Benefit Overpayments debt, Sundry Debt, Housing Revenue Account tenant arrears and General Fund tenant arrears as detailed in section 3.3;

15.Approved the revised Capital Programme and financing of it as detailed in paragraph 3.4 (also Appendix E) including reprofiling of budgets to and from future years, accelerations, additions, and deletions; and

16.Noted the Quarter 2 2022/23 Corporate Risk Register in Section 4 and Appendices F and G.