Agenda item

a        That the Teignbridge band D council tax for 2022/23 be increased by 2.78% or £5 to £185.17 per annum;

b        That general reserves be increased to 12.8% of the net revenue budget for 2022/23 or just over £2.0 million;

c        That £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;

d        All other decisions with regard to budgetary change will be approved by reference to virement rules in the financial instructions;

e        That the summary revenue budget for 2022/23 is £16.1 million as shown at appendix 4. In particular the revenue budget includes:

• Assumptions of a 2.0% pay from 1 April 2022

• Revenue contributions to fund capital continue to be suspended in the medium term to protect the revenue budget

• Voluntary grants are amended as detailed at 8 February Executive minute number 12 and adjusted in 2022/23 by virement

• A ‘Tidy Teignbridge’ pot is introduced for 2022/23 at £40,000 per annum for 2 years

• The councillors community fund grant is increased to £1,200 each and adjusted in 2022/23 by virement

• A payment of £1,000,000 to reduce the pension deficit;

f         That fees and charges are approved as shown summarised at appendix 6;

g        That 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 with a second site in Newton Abbot nearing completion.  An increasing rented programme across urban and rural sites has commenced and delivery will continue over the next 3 years of the programme. 

• Increased investment for climate change projects following successful funding bids for low carbon heating and energy system improvements.  Schemes are underway at leisure sites and Council offices with further provisions under the Carbon Action Plan.

• Infrastructure delivery plan investment contributing to improving education, transport links, sports and open spaces

Regeneration investment, including one hotel in Newton Abbot funded mainly from prudential borrowing. The funding offer from the Government Future High Street Fund for grant of £9.2 million aimed at improving town centres was confirmed.  This will have a positive impact on Newton Abbot and the wider Teignbridge economy.  Co-funding includes CIL, grant from other sources and prudential borrowing. There is also an indicative provision for employment site investment to be funded through prudential borrowing.  A business case will be brought to members for consideration once it is finalised;

h        That the prudential indicators are noted and the prudential limits approved all as set out in appendix 10;

i         That 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;

j         That 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 2022/23; and

k        That the council tax resolutions as recommended in appendix 14 be approved.