Democracy - Agenda item

Agenda item

Budget 2020/21

Minutes:

The Draft Medium-Term Financial Strategy (MTFS) considered by Policy, Resources and Economic Development Committee on 8th January 2020 gave Members an update on the various significant changes that would impact on the Council’s financial position.

 

The fundamental principles of the Council’s MTFS are to:

 

(i)               Maintain a sustainable financial position against a background of unprecedented financial uncertainty and reduced government funding, including the delivery of efficiency targets.

 

(ii)             Support the vision of our Borough through appropriate identification of resources required to deliver the key priorities outlined in the Corporate Strategy.

 

(iii)            Maximise opportunities and mitigate risks associated with the fundamental change to the way in which local government is financed.

 

This report considers:

 

(i)                       The General Fund budget proposals for 2020/21 to 2022/23.

 

(ii)                     The Council Tax Requirement for 2020/21

 

(iii)            The Housing Revenue Account (HRA) budget proposals for 2020/21 onwards.

 

(iv)            The Capital and Investment Strategy for 2020/21 including the Councils capital Programme 2020/21 to 2022/23

 

(v)                      Fees & Charges

 

(vi)            Pay Policy Statement

 

(vii)           Section 151 Officers Assurance Statement

 

The Policy, Resources and Economic Development Committee is required to consider the proposals and make recommendations to Ordinary Council for Approval on 4th March 2020.

 

The figures presented summarise the detailed service budgets, together with known adjustments including the impact of the provisional central government grant funding.

 

The key elements of the proposed budget are:

 

General Fund

 

1)    A balanced budget to be set for 2020/21

2)    An increase of Council Tax for 2020/21 in order to deliver a balanced budget and deliver on the required investment outlined within the budget.

3)    The continuation of reduction in funding made available by Central Government

 

Housing Revenue Account

 

1)    For 2020/21 a budget that delivers a small surplus of £87k.

2)    Increase in rents of CPI plus 1% per annum

3)    Continued investment in the delivery of Decent Homes and Development of Housing within the Borough.

 

Capital

 

1)    Total additional capital investment of £10,564 million in 2020/21

2)    With an additional investment of £14,724 from 2021 to 2023.

 

Cllr Tumbridge MOVED and Cllr Mrs Hones SECONDED the recommendations in the report.

 

Members are asked to

 

R1.          Approve the proposals for the General Fund Budget and Medium-Term Financial Strategy as set out in Appendix A and recommend to Ordinary Council for approval on 4th March 2020.

 

R2.          Recommend that Council Tax is increased for 2020/21 by £5 per Band D property, increasing the charge for a Band D property from £188.63 to £193.63 per annum. The complete Council Tax Bandings (Brentwood Council Only) are included in Appendix A, Page 23

 

R3.             Approve proposals for the HRA budget 2020/21 including the 30 year HRA Business Plan within Appendix B and recommend to Ordinary Council for approval on 4th March 2020.

R4.             Approve an increase to rents for 2020/21 by CPI plus 1%

 

R5.             Approve the Capital and Investment Strategy in Appendix C including the Capital Programme and recommend to Ordinary Council for approval on 4th March 2020.

 

R6.             Approve the Fees & Charges Schedule in Appendix D and recommend to Ordinary Council for approval on 4th March 2020.

 

R7.             To note the Pay Policy Statement in Appendix E and recommend for approval at Ordinary Council on 4th March 2020.

 

R8.             Approve the Section 151 Officers Assurance Statement in Appendix F when recommending all for approval to Ordinary Council on 4th March 2020.

 

A vote was taken by a show of hands and it was RESOLVED.

 

REASON FOR RECOMMENDATION

Effective financial management underpins all of the priorities for the Council and will enable the Council to operate within a sustainable budget environment.

 

The Council is required to approve the Budget as part of the Budget and Policy Framework

 

Supporting documents: