Agenda item - Budget 2022/23 | Oxford City Council

Budget 2022/23

The Head of Financial Services has submitted a report to propose a Medium Term Financial Strategy and the 2022/23 Budget for consultation.

Cabinet is recommended to:

1.Approve the 2022-23 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 £22.333 million for 2022/23 and an increase in the Band D Council Tax of 1.99% or £6.37 per annum representing a Band D Council Tax of £326.54 per annum subject to confirmation of the referendum levels contained in paragraph 10 (d) of the report

b) the Housing Revenue Account budget for 2022/23 of £47.882 million and an increase of 4.10% (£4.51 per week) in social dwelling rents from 1 April 2022 giving a revised weekly average social rent of £112.00 as set out in Appendix 5

c) the increase in shared ownership rental in accordance with the lease as shown in paragraphs 77 -79 and the discretion used by the Head of Housing in setting the initial rent for the unsold share of 2% and giving delegated approval to the Head of Housing to set this for future shared ownership rents up to 2.75%

d) 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 25 of the report;

4. Approve the payment into the County Council Pension Fund of £5 million in 2023-24 as referred to in paragraph 32 of the report;

5. Recommend to Council the appropriation of Alice Smith House from the HRA to the General Fund in accordance with paragraph 87 subject to any consents which are required;

6. Note the disposal of 4 HRA properties in accordance with paragraph 88 subject to any necessary consents that are required; and

7. Approve the increase in the ‘multiplier’ for the use in Furnished Tenancy charges in accordance with para 84.

Minutes:

The Head of Financial Services had submitted a report to propose a Medium Term Financial Strategy and the 2022/23 Budget for consultation.

Cllr Ed Turner, Cabinet Member for Finance & Asset Management introduced the report. Preparation of the budget for consultation had once again been challenging given, among other things, reduced income streams, the need to call upon reserves and the absence, so far, of a local government settlement for 2022/23. Despite these challenges there were some positive elements such as retention of the Council Tax Reduction Scheme. Officers had worked hard to achieve a balanced, strong and progressive budget. He anticipated that the consequences of future inflation and interest increases could be mitigated in the short term. He paid tribute to the work of all those officers who had contributed to the development of these proposals particularly those in the Finance Team, a view echoed by the Chair.

Cabinet resolved to: