Report of the Interim Executive Director, Resources is attached

Contact:  James Walton  Tel 01743 258915

It was proposed by the Leader, Councillor P Nutting and seconded by Portfolio Holder for Finance, Councillor D Minnery that the report of the Interim Executive Director of Resources on the Financial Strategy 2021/22 to 2025/26, a copy of which is attached to the signed minutes, and the recommendations contained therein be received and agreed.

On being put to a recorded vote the proposition was carried by 46 Members voting in favour, 12 against and 7 abstention, as follows

FOR (46)

Adams, Aldcroft, Bardsley, Barrow, Biggins, Bird, Burgess, Butler, Carroll, Chapman, Charmley, Dakin, Davenport, Dee, D. Evans, Gittins, Harris, Hartley, Hignett, Hughes, Hunt, M Jones, S Jones, Lea, Lynch, Macey, Milner, Minnery, Morris, Mullock, Nutting, Phillips, Picton, Price, Potter, Shineton, Tindall, Tremellen, Turley, Turner, Wild, Williams, Winwood, Wood, Woodward, Wynn.

AGAINST (12)

Boddington, Dean, R Evans, Fraser, Green, Hartin, Houghton, I Jones, Kidd, Mellings, Parry, Vasmer

ABSTENTION (7)

Clarke, Halliday, Mackenzie, Moseley, Mosley, Pardy, Parsons,

RESOLVED:

1.           That the 2021/22 budget of £554.318m outlined in the Budget Book at Appendix 2, including the savings proposals outlined in section 4.5 of the Medium Term Financial Strategy (MTFS) at Appendix 1, be approved.

2.           That the changes required to the 2021/22 budget as a result of the Provisional and Final Local Government Settlement and revised business rates and collection fund estimates be noted.

3.           That the revised funding gap for the years 2022/23 to 2025/26 be noted.

4.           That the Statement of the Chief Financial Officer on the Robustness of Estimates and Adequacy of Reserves as set out in Sections 6.1 – 6.3 of the MTFS at Appendix 1,  be noted.

5.           That the recommended level of general balances to support the 2021/22 revenue budget of between £12.174m and £16.598m be noted, noting that the projected balance is presently below this for 2021/22.

6.           That the projected recommended level of general reserves for the following four years at £53m in 2022/23, £40m in 2023/24, £37m in 2024/25 and £35m in 2025/26 be noted.

7.           That the continued use of the Policy for Flexibility around the use of Capital Receipts as detailed in section 8.1 of the MTFS be noted.

8.           That the Pay and Rewards Policy for all Council staff for 2021/22 as set out in Appendix 3 be agreed.

9.           That a revenue budget virement of £1.710m between Corporate Budgets and Place as detailed at section 7.1 of this report below be approved.