The Head of Financial Services has submitted a report on the outcome of the budget consultation and to agree the Council’s Medium Term Financial Strategy for 2020-21 to 2022-23 and 2019-20 Budget for recommendation to Council.

Recommendations: The City Executive Board is asked to consider the    outcome of the public consultation, agree the amendments to the Consultation Budget and recommend that Council resolves to:

1.      Approve the 2019-20 General Fund and Housing Revenue Account budgets and the General Fund and  Housing Revenue Account Medium Term Financial Plan as set out in  Appendices 1-10, noting:

              a) the Council’s General Fund Budget Requirement of £24.167 million for   2019/20 and an increase in the Band D Council Tax of 2.99% or £8.94 per annum representing a Band D Council Tax of £307.80 per annum

              b) the Housing Revenue Account budget for 2019/20 of £42.466 million and a reduction of 1% (£1.03/wk) in social dwelling rents from April 2019 giving a revised weekly average social rent of £102.26 as set out in Appendix 4

              c)  the General Fund and Housing Revenue Account Capital Programme as shown in Appendix 6.

2.    Agree the fees and charges shown in Appendix 7

3.      Delegate to the Section 151 Officer in consultation with the Board Member for Finance and Asset Management the decision to determine whether it is financially advantageous for the Council to enter into a Business Rates Distribution Agreement as referred to in paragraphs 12-14 below.

4.      Ratify their decision to implement the Premium Council Tax of 100% for properties that have been empty for more than 2 years and approve the escalated rate of premium council tax when permitted to do so. (Para 17-19)

5.      Agree the transfer of property from the General Fund to the HRA as referred to in paragraph 35.

The Head of Financial Services introduced a report on the outcome of the budget consultation and to agree the Council’s Medium Term Financial Strategy for 2020-21 to 2022-23 and 2019-20 Budget for recommendation to Council. It was a positive budget, despite a number of external pressures and one which, among other things, supported the Oxford Living Wage; prioritised homelessness services; and tackled poverty in a variety of ways.

The Budget proposals were a statement of the position at a point in time, but which would be reviewed and redesigned over the coming months. Some elements would come back to the Board for more detailed consideration  in due course.

There was concern about the apparently limited reach of the budget consultation and thought should be given to finding a means of engaging with the public more effectively (and with particular reference to those with the greatest needs and who may be  hard to reach).

Proposals for the Capital Programme were significant and welcome as was development of the Project Management Office. Capital investment in the Council’s wholly-owned company, Oxford Direct Services, for example, would, in turn, increase the dividend payable to the Council.

The Chair moved the recommendations given in the report, together with those given in the supplement. The tabled and amended version of Appendix 6 is attached to these minutes.

The City Executive Board agreed the amendments to the Consultation Budget and resolved to recommend that Council resolves to:

1.      Approve the 2019-20 General Fund and Housing Revenue Account budgets and the General Fund and  Housing Revenue Account Medium Term Financial Plan as set out in  Appendices 1-10, noting:

              a) the Council’s General Fund Budget Requirement of £24.167 million for   2019/20 and an increase in the Band D Council Tax of 2.99% or £8.94 per annum representing a Band D Council Tax of £307.80 per annum

              b) the Housing Revenue Account budget for 2019/20 of £42.466 million and a reduction of 1% (£1.03/wk) in social dwelling rents from April 2019 giving a revised weekly average social rent of £102.26 as set out in Appendix 4

              c) the General Fund and Housing Revenue Account Capital Programme as shown in Appendix 6, with the change referenced in 7 below.

2.    Agree the fees and charges shown in Appendix 7

3.      Delegate to the Section 151 Officer in consultation with the Board Member for Finance and Asset Management the decision to determine whether it is financially advantageous for the Council to enter into a Business Rates Distribution Agreement as referred to in paragraphs 12-14 below.

4.      Ratify their decision to implement the Premium Council Tax of 100% for properties that have been empty for more than 2 years and approve the escalated rate of premium council tax when permitted to do so. (Para 17-19)

5.      Agree the transfer of property from the General Fund to the HRA as referred to in paragraph 35.

6.      Formally adopt the Business Rates Retail Discount Scheme and apply the scheme in accordance with the guidance issued; and

7.      Agree that the Capital Budget for the Seacourt Park and Ride Extension scheme is increased by £945k in 2019-20, to be funded from Community Infrastructure Levy where available funds permit, with any balance to come from the Council capital financing reserve with a commensurate amendment to appendix 6.