The Cabinet resolved to:
Recommend to full Council the following:
1. Approval of the 2022/23 budget to enable the Council Tax for 2022/23 to be set;
2. Approval of the Model Council Tax Resolution 2022/23 as set out in Appendix B;
3. Delegate authority to the Director of Finance, to place a notice in the local press of the amounts set under recommendation 2 within a period of 21 days following the Council's decision;
4. Approve the Medium-Term Financial Strategy (MTFS) as based on the estimated financial deficit in the Capitalisation Direction and to be funded by capitalisation of:
a. £223.1m up to 2021/22
b. £84.1m for 2022/23
c. £171.1m for beyond 2022/23
5. Approve the Capital Receipts Flexibility Strategy as agreed in 2021/22.
6. Approve the overall General Fund revenue budget of £191.7m, to include:
a. growth for pressures for contract inflation and pay inflation of £8.178m
b. proposed savings by directorate of £19.959m
7. Approval of the Members Allowances Scheme for 2022-23 at Appendix I
The noted the following:
8. The balanced budget position for 2022/23 requiring savings of £19.959m and the projected financial deficit between 2023/24 to 2028/29
9. The inclusion within the Capitalisation Direction of £1m per year from 2022/23 onwards as a means to rebuild the General Fund and Earmarked Reserves balance
10.The intention to increase Council Tax by 1.99% in 2022/23
11.The intention to increase Council Tax by a further 1% in 2022/23 in respect of the Adult Social Care Precept
12.The assumed funding for the protection of social care 2022/23 through the Better Care Fund
13.That due regard has been had to the s.25 report by the Director of Finance at Appendix H
To agree the following:
14.Approval of the Fees and Charges Policy Framework, with a recommendation that Council approve this for non-executive functions
The Cabinet considered an Addendum set out in the Supplementary Agenda and agreed to:
Recommend to full Council:
i. Acceptance of the capitalisation direction of £223m up to 31.03.22
ii. Acceptance of the capitalisation direction of £84.1m for the 2022/23 financial year
iii. Acceptance of the accompanying conditions set out in the report.
Noted:
i. The capitalisation direction is not a grant. The Council needs to fund the revenue expenditure capitalised from disposing of assets to repay the resulting debt.
ii. The Council is in a precarious state and will be required to request future capitalisation directions to balance future years budgets, estimated at an additional £172m, £479m in total
iii. The minded to directions will be converted into actual directions on an annual basis as the accounts for each year are closed and audited