Decision details

That Council is recommended at its meeting on 30 January 2023:

(1)   That the view of the Director of Finance & Resources, that the estimates included in the Medium Term Financial Plan 2022/23 to 2026/27 are robust and that the level of financial reserves are adequate at this time, 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.

General Fund

(3)   A Council Tax increase of £5.93 will be levied in respect of a notional Band D property (2.99%).

(4)   The Medium Term Financial Plan in respect of the General Fund as set out in Appendix 1 of this report be approved as the Current Budget 2022/23, as the Original Budget 2023/24, and as the financial projections in respect of 2024/25 to 2026/27.

(5)   That the shortfall in the General Fund budget for 2023/24 as set out in Appendix 1 be met from the resilience reserve.

(6)   That the General Fund Capital Programme as set out in Appendix 4 be approved as the Current Budget in respect of 2022/23, and as the Approved Programme for 2023/24 to 2026/27.

(7)   That any under spend in respect of 2022/23 be transferred to the Resilience Reserve to provide increased financial resilience for future years of the plan.

Housing Revenue Account (HRA)

(8)   That Council sets its rent levels for 2023/24 in consideration of the Social Housing Rent Standard increasing rents by 5% from 1st April 2023.

(9)   That all other charges be implemented in line with the table shown at 1.43 below with effect from 1 April 2023.

(10)   The Medium Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 of this report be approved as the Current Budget in respect of 2022/23, as the Original Budget in respect of 2023/24, and the financial projection in respect of 2024/25 to 2026/27.

(11)   That the HRA Capital Programme as set out in Appendix 4 be approved as the Current Budget in respect of 2022/23, and as the Approved Programme for 2023/24 to 2026/27.

(12)     That the Management Fee for undertaking housing services at £10.612m and the Management Fee for undertaking capital works at £1.1m to Rykneld Homes in respect of 2023/24 be approved.

(13)     That Members endorse the section in the financial framework within the Management Agreement which enables the Council to pay temporary cash advances to Rykneld Homes in order to help meet the cash flow requirements of the company should unforeseen circumstances arise in any particular month.

(14)     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 Director – Finance & Resources in consultation with the Portfolio Holder for Housing and Assets to agree the contents of that letter.

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 - No alternative options were considered. The Council is required to set a budget each year.