Agenda item

a        That the Teignbridge band D council tax for 2023/24 is increased by 2.99% or £5.54 to £190.71 per annum

b         Providing a one-off cost of living payment of £5.54 to households liable to pay council tax on their main home on 1 April 2023 in 2023/24

c        That general reserves are increased to 13.0% of the net revenue budget for 2023/24 or £2.3 million

d        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

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

f         That the summary revenue budget for 2023/24 is £17.6 million as shown at appendix 4. In particular the revenue budget includes:

• Assumptions of a 3.0% pay rise for 2023/24

• Revenue contributions to fund capital continue are reintroduced at £300,000 to support the capital budget

• Voluntary grants are maintained at current levels

• A ‘Tidy Teignbridge’ pot is maintained for year 2 of the scheme for 2023/24 at £20,000

• The councillors community fund grant is £1,000 each

• A payment of £500,000 to reduce the pension deficit

• Provision for an Emergency Planning Officer, Digital Transformation Manager and other temporary resources

g        That fees and charges are approved as shown summarised at appendix 6.

h        That the capital programme as shown at appendix 7 is approved. In particular this includes:

• Increasing jobs and homes through continuing support for housing whilst backing business and encouraging community-led planning.  

Work continues on the Teignbridge 100 affordable housing project with two sites in Newton Abbot completed.  An increasing rented programme across urban and rural sites has commenced and delivery will continue over the next 3 years of the programme. 

• Continuing investment for climate change projects following successful funding bids for low carbon heating and energy system improvements.  Schemes have been completed at leisure sites and the Council offices are nearing completion 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 town centre investment and the Government Future High Street Fund grant schemes aimed at improving town centres and stimulating growth in the local economy.  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.

i         That the Financial Plan 2023 to 2028 is approved as set out in appendix 8

j         That the prudential indicators are noted and the prudential limits approved all as set out in appendix 11

k        That the updated treasury management strategy statement and authorised lending list as set out in appendix 12 is approved together with the capital strategy in appendix 12a

l         That each scheme will be considered on its merits as explained at the end of appendix 12 to decide the calculation of minimum revenue provision for capital expenditure in 2023/24

m       That the council tax resolutions as recommended in appendix 15 are approved

n         That the treasury management mid year review for 2022/23 as taken to Executive on 7 February 2023 and shown as appendix 16 is noted