Decision details

RESOLVED

That Council be recommended at its meeting on 1 February 2021:

(1)          That the view of the Chief Financial Officer, that the estimates included in the Medium Term Financial Plan 2020/21 to 2024/25 are robust and that the level of financial reserves whilst at minimum levels are adequate, be accepted.

(2)          That officers report back to Cabinet and the Audit and Corporate Governance Scrutiny Committee on a quarterly basis regarding the overall position in respect of the Council’s budgets. These reports to include updates on achieving the savings and efficiencies necessary to secure a balanced budget over the life of the medium term financial plan. 

GENERAL FUND

(3)          A Council Tax increase of £3.70 will be levied in respect of a notional Band D property (1.95%).

(4)          The Medium Term Financial Plan in respect of the General Fund, as set out in Appendix 1 to the report, be approved as the Current Budget 2020/21, as the Original Budget 2021/22, and as the financial projections in respect of 2022/23 to 2024/25.

(5)          That any under spend in respect of 2020/21 be transferred to the Resilience Reserves, to provide increased financial resilience for future years of the plan.

HOUSING REVENUE ACCOUNT

(6)          That Council sets its rent levels for 2021/22 in line with the Social Housing Rent Standard increasing rents by 1.5% from 1^st April 2021.

(7)          That all other charges be implemented in line with the table shown at 1.38 in the report above with effect from 1 April 2021.

(8)          The Medium Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 to the report be approved as the Current Budget in respect of 2020/21, as the Original Budget in respect of 2021/22, and the financial projection in respect of 2022/23 to 2024/25.

(9)          That the Management Fee for undertaking housing services at£9.692m and the Management Fee for undertaking capital works at£1.1m to Rykneld Homes in respect of 2021/22 be approved.

(10)       That Members endorse the section in the current Financial Protocol which enables the Council to pay temporary cash advances to Rykneld Homes in excess of the Management Fee in order to help meet the cash flow requirements of the company should unforeseen circumstances arise in any particular month. 

(11)       That Members note the requirement to provide Rykneld Homes with a ‘letter of comfort’ to the company’s auditors and grant delegated authority to the Council’s Chief Financial Officer in consultation with the Portfolio Member for Finance to agree the contents of that letter. 

CAPITAL PROGRAMME

(12)             That the Capital Programme as set out in Appendix 4 to the report be approved as the Current Budget in respect of 2020/21, and as the Approved Programme for 2022/23 to 2024/25.

REASONS FOR DECISION - To recommend budgets to Council in respect of the General Fund, the Housing Revenue Account and the Capital Programme.

OTHER OPTIONS CONSIDERED AND REJECTED - The alternative options that were considered and rejected were specified in the report.

This is a Key Decision.  The call-in period for the decision will run until Monday 8 February 2021.