The Head of Financial Services submitted a report to Cabinet on 09 February 2022 to present the outcome of the budget consultation and agree the Council’s Medium Term Financial Strategy for 2023-24 to 2025-26 and 2022-23 Budget for recommendation to Council.

The Cabinet decisions and any further proposed amendments to the budget will be reported in the Briefing Note.

Cllr Turner, the Cabinet Member for Finance and Asset Management, will present the report and propose Cabinet’s recommendations.

Amendments to the budget proposed by opposition groups or individual councillors must be received by Committee Services before 1.00pm on Tuesday 15 February 2022 and will be published in the Briefing Note.

The procedure for this item is set out in Part 11.4 of the Council’s Constitution.

A recorded vote must be taken when voting to agree the final budget and medium term financial strategy.

Council is recommended to:

a. consider Cabinet’s recommendations to Council, including the budget published as part of the agenda for this meeting along with any amendments resulting from the Cabinet meeting of 09 February;

b. consider the substantive amendments proposed by the opposition groups; and published with the briefing note;

c. consider any individual amendments; and

d. agree the recommendations from the Cabinet as presented to Council, or with further amendments as decided by Council.

Recommendations: Cabinet recommends subject to decisions taken at the Cabinet meeting on 09 February that Council resolves to:

1. Approve the 2022-23 General Fund and Housing Revenue Account (HRA) budgets for consultation and the General Fund and  Housing Revenue Account Medium Term Financial Strategy as set out in  Appendices 1-10, noting:

a)  the Council’s General Fund Budget Requirement of £22.382 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;

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 paragraph 44 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. Approve the appropriation of Alice Smith House from the HRA to the General Fund in accordance with paragraph 44 subject to any consents which are required.

Council had before it and considered:

·       The report of the Head of Finance to Cabinet on 09 February 2022 setting out the outcome of the budget consultation and seeking agreement of the Council’s Budget for 2022-23 and the Medium Term Financial Strategy for 2023-24 to 2025-26.

·       Cabinet’s recommendations as set out in the minutes of its meeting on 09 February 2021.

·       The Liberal Democrat group’s submitted amendments published with the briefing note.

·       The Green group’s submitted amendments published with the briefing note.

Cllr Turner, seconded by Cllr Brown, proposed agreement of the Budget and the Medium Term Financial Strategy and the recommendations from Cabinet