Agenda item

Final Budget, Medium Term Plan and Capital Strategy

To consider the Final General Fund and Housing Revenue Account 2020/21 revenue and capital estimates and the Final Financial Medium Term Plan (report of the Portfolio Holder for Finance and the Executive Director Commercialisation (S151) enclosed).

 

(Please note that in accordance with The Local Authorities (Standing Orders) (England) (Amendment) Regulations 2014, a recorded vote will be taken on recommendations concerning Final Budget, Medium Term Plan and Capital and Treasury Strategy.)

Minutes:

Consideration was given to the report of the Portfolio Holder for Finance and the Executive Director Commercialisation (S151) which presented the General Fund and Housing Revenue Account 2020/21 revenue and capital estimates and the Final Financial Medium Term Plan. 

 

The Portfolio Holder for Finance introduced the report and advised that there were no significant changes to the budget and highlighted the following areas:

 

  • Challenges presented over the financial year from temporary accommodation for homeless people and the downturn in planning income totalled £670k pressure in the budget. 
  • 2021 would see the last of the Revenue Support Grant and Rural Services Grant (£435k).  4 years ago the Council received grants totalling £1.5m.  £1m had been lost to date with the remainder set to be lost over the next year.
  • The Council took the middle ground on funding assumptions with business rates. 
  • There had been a delay to the Government Fair Funding review so it had been assumed that there were no financial changes.
  • The Council would receive an allocation of New Homes Bonus again this year which would go towards more commercial opportunities and to invest in towns, villages and parishes.
  • Central Government announced in January additional business rates relief which would benefit 190 district businesses commencing April 2020.
  • Garden waste collection fees were to increase by £3 per year.
  • Council tax would increase by 10p per week for a band D home.
  • The increased Drainage Board levies equated to 50% of the District’s Council tax.
  • The Pride initiative had been built into the base budget to enhance towns, villages and parishes.
  • Household waste collections continued to be every week.
  • The Council will continue to build on the new homes success of 2019/20 with £2.55m to be invested in new affordable homes.

 

The Portfolio Holder for Finance proposed the recommendations contained within the report, subject to there being no increase to the Market fees which will be reviewed in conjunction with the general review of fees and charges in October.

 

DECISION:

 

That Council approves:

 

a)    That the Revenue Estimates for the General Fund, Housing Revenue Account and Spalding Special Expenses for 2020/21 (Appendices A. B, C and I) be approved.

b)    That the use of reserves (Appendix D) be approved.

c)    That the Council Tax for a Band A property in 2020/21 be set at £119.82 (a £3.30 per annum increase on 2019/20 levels) and band D £179.73 for 2020/21 (a £4.95 per annum increase on 2019/20 levels).

d)    That the Spalding special expense for a Band A property be set at £15.88 for 2020/21, (previously £15.78 in 2019/20) and Band D £23.82 for 2020/21, (previously £23.67 in 2019/20).

e)    That the Medium Term Financial Strategy (Appendix B) be approved.

f)     That Housing Revenue Account weekly dwelling rents increase by 2.7% over the previous year, 2019/20, with effect from Monday 6 April 2020.  This is in line with current government guidelines and legislation.

g)    That the Capital Strategy and Capital Programme (Appendices E and F) be approved.

h)    That the Treasury Management Strategy, including the Minimum Revenue Provision policy and Investment Strategy be approved.  (Appendix G and H).

i)      That, subject to the entry for market stalls fees being amended so as not to show an increase, the fees and charges shown in Appendix J be approved for adoption from 1 April 2020

 

In accordance with the Local Authorities (Standing Orders) (England) (Amendment) Regulations 2014 a recorded vote was taken on the recommendations (Final Budget, Medium Term Plan and Capital and Treasury Strategy). The vote was as follows:

 

For

Against

Apologies/Absent

Councillor Alcock

Councillor Avery

Councillor Beal

Councillor Biggadike

Councillor Bingham

Councillor Booth

Councillor Brewis

Councillor Carter

Councillor Casson

Councillor Coupland

Councillor Cronin

Councillor Drury

Councillor Gambba-Jones

Councillor Gibson

Councillor Grocock

Councillor Hasan

Councillor King

Councillor Lawton

Councillor McLean

Councillor Newton

Councillor Pepper

Councillor Porter

Councillor Reynolds

Councillor Rudkin

Councillor Scalese

Councillor Seymour

Councillor Taylor

Councillor Tennant

Councillor Tyrrell

Councillor Walsh

Councillor Wilkinson

Councillor Woolf

 

Councillor Astill

Councillor Redgate

Councillor Slade

Councillor Sneath

Councillor Worth

 

 

Supporting documents: