Decision details

Medium Term Financial Plan 2021/22 to 2025/26

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Decision:

RESOLVED -

 

Council be recommended at its meeting on 31 January 2022:

 

(1)           That the view of the Assistant Director – Finance & Resources, that the estimates included in the Medium Term Financial Plan 2021/22 to 2025/26 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. 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 £4.99 be levied in respect of a notional Band D property (2.58%).

 

(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 2021/22, as the Original Budget 2022/23, and as the financial projections in respect of 2023/24 to 2025/26.

 

(5)           That the General Fund Capital Programme, as set out in Appendix 5 to the report, be approved as the Current Budget in respect of 2021/22, and as the Approved Programme for 2022/23 to 2025/26.

 

(6)           That any under-spend in respect of 2021/22 be transferred to the Resilience Reserve to provide increased financial resilience for future years of the plan.

 

Housing Revenue Account (HRA)

 

(7)           That Council sets its rent levels for 2022/23 in line with the Social Housing Rent Standard, increasing rents by 4.1% from 1st April 2022.

 

(8)           That all other charges be implemented in line with the table shown at 1.43 in the report, with effect from 1 April 2022.

 

(9)           The Medium Term Financial Plan in respect of the Housing Revenue Account, as set out in Appendix 4 to the report, be approved as the Current Budget in respect of 2021/22, as the Original Budget in respect of 2022/23, and the financial projection in respect of 2023/24 to 2025/26.

 

(10)        That the HRA Capital Programme, as set out in Appendix 5 to the report, be approved as the Current Budget in respect of 2021/22, and as the Approved Programme for 2022/23 to 2025/26.

 

(11)        That the Management Fee for undertaking housing services at £9.751m and the Management Fee for undertaking capital works at £1.100m to Rykneld Homes in respect of 2022/23 be approved.

 

(12)        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.

 

(13)        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 Assistant Director – Finance & Resources in consultation with the Portfolio Holder for Finance, 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.

 

This is a Key Decision.  The call-in period for the decision will run until Monday 7 February 2022

Report author: Assistant Director - Finance and Resources (S151 Officer)

Publication date: 27/01/2022

Date of decision: 27/01/2022

Decided at meeting: 27/01/2022 - Cabinet

Accompanying Documents: