Consultation Budget 2020-21 and Medium Term Financial Plan 2021-22 to 2023-24
This report will be published as a supplement to the agenda.
The Head of Financial Services had submitted a report topropose a Medium Term Financial Strategy and the 2020/21 Budget for consultation.
Councillor Ed Turner, Cabinet Member for Finance & Asset Management, introduced the report. At this point in the budget process he simply wanted to draw attention to a few overarching points. National pressures; the Council’s ambition to deal effectively with rough sleeping; and the need to respond effectively to the Climate Emergency, all made for a challenging budget setting environment. The Council was reliant on the ‘Oxford Model’ and income from its companies, this was something which set it apart from other District Councils. These income streams are critical to the Council to enable it to continue to deliver services to residents although, equally, they present a level of risk which will require careful monitoring going forward. He drew attention to a small amendment to the report, details of which are attached to this minute.
Nigel Kennedy, Head of Financial Services, drew attention to some of the national uncertainties in relation to business rates, the continued delay of the introduction of the Fair Funding Review and the future of the New Homes Bonus.
The Chair thanked Councillor Turner, Nigel Kennedy and the Finance Team for their work in developing a positive budget, despite the challenging environment.
Cabinet resolved to:
1) Approve the 2020-21 General Fund and Housing Revenue Account budgets for consultation and the General Fund and Housing Revenue Account Medium Term Financial Strategy as set out in Appendices 1-9, noting :
a) the Council’s General Fund Budget Requirement of £24.029 million for 2020/21 and an increase in the Band D Council Tax of 1.99% or £6.13 per annum representing a Band D Council Tax of £313.92 per annum subject to confirmation of the referendum levels contained in paragraphs 20-21 of the report.
b) the Housing Revenue Account budget for 2020/21 of £44.447 million and an increase of 2.70% (£3.06/wk) in social dwelling rents from 1 April 2020 giving a revised weekly average social rent of £105.32 as set out in Appendix 5
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 Assets 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 37-38 of the report.
4) Agree that Care Leavers are determined as a class of discount for the purpose of Section 13A(1)(c) of The Local Government Finance Act 1992 from 1 April 2020 as referred to in paragraphs 22-24 of the report; and
5) Approve the payment into the County Council Pension Fund of £5 million as referred to in paragraph 64 (f).
- Budget report V15 FINAL, item 107. PDF 788 KB View as HTML (107./1) 514 KB
- Appendix 1 - Summary of proposed budget by Service 20-21, item 107. PDF 91 KB
- Appendix 2 - Detail of proposed budget by Service 20-21, item 107. PDF 231 KB
- Appendix 3 FINAL, item 107. PDF 1 MB
- Appendix 4 - Housing Revenue Account v2, item 107. PDF 109 KB
- Appendix 5 Rent by ward, item 107. PDF 459 KB
- Appendix 6 - Capital Programme, item 107. PDF 64 KB
- Appendix 7 Fees Charges 20-21, item 107. PDF 1 MB
- Appendix 8 Risk Register 202021, item 107. PDF 41 KB
- Appendix 9 Equalities Impact Statement Dec 2019, item 107. PDF 248 KB View as HTML (107./10) 34 KB
- Amendment to the Budget Report presented to Cabinet 19122019 v2, item 107. PDF 18 KB View as HTML (107./11) 15 KB