To consider the Final General Fund and Council Tax Setting for 2021/22.
The Executive considered a report with regard to the final General Fund Budget and Council Tax Setting for 2021/22.
It was RESOLVED that the following proposals be recommended to Council on 24 February 2021:
1. That the 2020/21 revised net expenditure on the General Fund of £11,056,840 be approved.
2. That a draft General Fund Budget for 2021/22 of £1,165,480 (as adjusted for the transfer from S31 grant allocated reserve to the General Fund of £8,395,960 to allow for the repayment to the Collection Fund of that amount) be proposed for consultation purposes, with a contribution from balances of £326,067 and a Band D Council Tax of £220.57 (assuming a 2.32% increase).
3. That the Risk Assessment of General Fund balances of £3,650,000 be approved.
4. That the contingency sum of £400,000, within which the Executive can approve supplementary estimates, be approved for 2021/22 (reflecting the level of balances available above the minimum amount).
5. That the 2021/22 Fees and Charges increase of £131,700 be noted, as approved at the January 2021 Executive (Appendix I to the report).
6. That the 2021/22 proposed Financial Security Options of £1,703,728, of which £1,462,182 relates to the General Fund (Appendix C to the report), be approved.
7. That the Growth bids of £260,365, of which £166,966 relates to the General Fund share (Appendix E to this report), be approved in principle, as set out in the report, and the priority order of implementation be approved, as set out in Paragraph 4.3.2. of the report.
8. That the General Fund pressures of £656,540 be noted, (Appendix E to the report).
9. That the 2021/22 Council Tax Support scheme be approved, as set out in section 4.8 of the report.
10. That use of New Homes Bonus be noted (section 4.4 of the report refers).
11. That the Financial Security targets for the General Fund, as set out in section 4.11. of the report, be approved.
12. That the use of the additional COVID grants, as set out in sections 4.5 and 4.6 of the report, be approved.
13. That the Strategic Leadership Team be requested to identify further options totalling £500,000 which could be implemented if the impact of COVID and other recessionary pressures are worse than projected (Paragraph 4.1.5 of the report refers).
14. That the Strategic Leadership Team be requested to bring forward a Productivity Focused Transformation Programme by June 2021 to set out the plan for future savings (Paragraph 3.9 of the report refers).
15. That, in accordance with the Council’s Budget and Policy Framework Procedure Rules, the Council continues with the current Co-operative Corporate Plan, subject to further review in Autumn 2022 (Paragraphs 4.16.4 - 4.16.5 of the report refer).
16. That the comments from Overview and Scrutiny, Leaders Financial Security Group and all Member group (as set out in Paragraphs 4.1.2-4.1.4 of the report) be noted.
17. That the Equalities Impact Assessments, as appended to the report in Appendices G and H, be noted.
Reason for Decision: As contained in report.
Other Options considered: As contained in report.