Agenda item
Final Financial Plan proposals 2021/22 to 2023/24
- Meeting of Budget, Full Council, Monday, 22nd February, 2021 10.00 am (Item 17.)
- View the background to item 17.
Minutes:
The Executive Member for Corporate Resources proposed the recommendation with an amendment that members do not receive this year’s cost of living increase for Members Allowance for 2021/22 and that this be frozen until April 2022, this was seconded by the Leader.
In presenting the budget, the Executive Member for Corporate Resources thanked officers for their preparation of the budget and the Overview and Scrutiny Committees for their work and input into the budget proposals.
The Leader of the Opposition (Cllr Bullivant) outlined his comments on an alternative budget and stated that they would be abstaining from voting on the budget.
The Leader stated that the Council faced budget challenges in the coming year and this budget supported the administrations priorities of Housing, Jobs and Climate Change.
In accordance with the Local Authorities (Standing Orders) (England) (Amendment) Regulations 2014the vote was recorded (see voting report).
RESOLVED that:-
(1) The Teignbridge band D council tax for 2021/22 be increased by 2.85% or £5 to £180.17 per annum;
(2) General reserves be increased to 13.0% of the net revenue budget for 2021/22 or just under £2.0 million;
(3) £100,000 of the general reserve balance in any one year continues to be available to the Executive to meet unexpected expenditure in addition to the agreed revenue budget;
(4) All other decisions with regard to budgetary change will be approved by reference to virement rules in the financial instructions;
(5) The summary revenue budget for 2021/22 be £15.3 million as shown at appendix 4. In particular the revenue budget includes:
· Assumptions of a 1.5% pay from 1 April 2021
· Revenue contributions to fund capital are suspended in the medium term to protect the revenue budget
· Rural aid is suspended in 2020/21 and 2021/22
· The councillors community fund grant is maintained at £1,000 each;
(6) Fees and charges be approved as shown summarised at appendix 6. This includes an increase in parking income of £94,000 from last years base budget;
(7) The capital programme as shown at appendix 7 be approved. In particular this includes:
· Increasing jobs and homes through continuing support for housing whilst backing business and encouraging community-led planning. Work has begun on the Teignbridge 100 affordable housing project at two sites in Newton Abbot. A rented programme across urban and rural sites will be delivered over the next 3 years.
· Increased investment for climate change projects, including grant bids for low carbon heating and energy system improvements at leisure sites and further provisions the Carbon Action Plan.
· Infrastructure delivery plan investment contributing to improving education, transport links, sports and open spaces Regeneration investment, including two hotels in Teignmouth and Newton Abbot funded mainly from prudential borrowing. The Council recently received an in-principle funding offer from the Government Future High Street Fund for grant of £9.2 million aimed at improving town centres. This will have a positive impact on Newton Abbot and the wider Teignbridge economy. Cofunding includes CIL, grant from other sources and prudential borrowing. There is also a provision for employment site investment to be funded through prudential borrowing. The Future High Street and employment site projects are indicative at this stage. Business cases will be brought to members for consideration once they are finalised;
(8) The prudential indicators be noted and the prudential limits approved all as set out in appendix 10;
(9) The updated treasury management strategy statement and authorised lending list as set out in appendix 11 is approved together with the capital strategy in appendix 11a;
(10) Each scheme will be considered on its merits as explained at the end of appendix 11 to decide the calculation of minimum revenue provision for capital expenditure in 2021/22;
(12) The treasury management mid year review for 2020/21 as taken to Executive on 11 February and shown in appendix 12 is noted;
(13) The council tax resolutions as recommended in appendix 15
be approved; and
(14) Members Allowance will be frozen until April 2022.
Supporting documents:
- Report Council 22.2.21, item 17. PDF 164 KB
- Report app 1 budget timetable, item 17. PDF 12 KB
- Report app 2 council tax base, item 17. PDF 16 KB
- Report app 3 CT calculator, item 17. PDF 15 KB
- Report app 4 revenue summary final budget proposals, item 17. PDF 18 KB
- Report app 5 revenue budget detail, item 17. PDF 203 KB
- Report app 6 Fees & Charges Summary, item 17. PDF 21 KB
- Report app 7 capital programme, item 17. PDF 291 KB
- Report app 8 risk analysis, item 17. PDF 115 KB
- Report app 9 Business Impact Assessment, item 17. PDF 489 KB
- Report app 10 Prudential Indicators, item 17. PDF 24 KB
- Report app 11 Lending List and Strategy, item 17. PDF 354 KB
- Report app 11a capital strategy, item 17. PDF 626 KB
- Report app 12 TM Mid Year Review 2020-21, item 17. PDF 187 KB
- Report app 13 consultation report, item 17. PDF 303 KB
- Reportapp14ExecutiveMinutes, item 17. PDF 91 KB
- Report app 15 resolutions 22.2.21, item 17. PDF 213 KB
- Full Council - App A, item 17. PDF 30 KB
- App A pt2, item 17. PDF 85 KB
- Full Council - App B, item 17. PDF 48 KB
- Full Council - App C, item 17. PDF 48 KB