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Agenda item

Corporate Vision, Priorities Plan, Budget & Medium Term Financial Strategy 2023/24

(Report of the Leader of the Council)


Report of the Leader of the Council to approve the Vision Statement, Priority Themes, Corporate Priorities and Plans and their inclusion in the Corporate Plan and to approve the recommended package of budget proposals to enable the Council to agree the:


           General Fund (GF) Revenue Budget and Council Tax for 2023/24;


           Housing Revenue Account (HRA) Budget for 2023/24;


           5 Year General Fund Capital Programme (2023/28);


           5 Year HRA Capital Programme (2023/28);


           3 Year General Fund Medium Term Financial Strategy (MTFS) (2023/26); and


           5 Year HRA Medium Term Financial Strategy (MTFS) (2023/28).


To comply with the requirement of the Council’s Treasury Management Policy in reporting to Council the proposed strategy for the forthcoming year and the Local Government Act 2003 with the reporting of the Prudential Indicators and the requirement to prepare an annual Corporate Capital Strategy. 




RESOLVED: That Cabinet

endorsed the following recommendations to proceed to Council for approval

1.         the Vision Statement, Priority Themes, Corporate Priorities and Outcomes for 2023/24 (Appendix A);

2.         the proposed revisions to Service Revenue Budgets (Policy Changes) (Appendix C);

3.         the sum of £59,581 be applied from Council Tax Collection Fund surpluses in reducing the Council Tax demand in 2023/24 (Appendix E);

4.         the sum of £260,300 be applied to Business Rates Collection Fund deficits in 2023/24 (Appendix E);

5.         that on 1st December 2022, the Cabinet calculated the Council Tax Base 2023/24 for the whole Council area as 23,376 [Item T in the formula in Section 31B(3) of the Local Government Finance Act 1992, as amended (the "Act")];

6.         that the Council Tax requirement for the Council’s own purposes for 2022/23 is £4,602,501 (Appendix E);

7.         the following amounts as calculated for the year 2023/24 in accordance with Sections 31 to 36 of the Act:

a.    £48,785,510 being the aggregate of the amounts which the Council estimates for the items set out in Section 31A(2) of the Act (Outgoings excluding internal GF Recharges);

b.    £44,183,009 being the aggregate of the amounts which the Council estimates for the items set out in Section 31A(3) of the Act (Income excluding internal GF Recharges);

c.    £4,602,501 being the amount by which the aggregate at 7(a) above exceeds the aggregate at 7(b) above, calculated by the Council in accordance with Section 31A(4) of the Act as its Council Tax requirement for the year (Item R in the formula in Section 31A(4) of the Act);

d.    £196.89 being the amount at 7(c) above (Item R), all divided by Item T (at 5 above), calculated by the Council, in accordance with Section 31B(1) of the Act, as the basic amount of its Council Tax for the year;

8.         the Council Tax level for the Borough Council for 2023/24 of £196.89 (an increase of £5 (2.60%) on the 2022/23 level of £191.89) at Band D;

9.         an aggregate Council Tax (comprising the respective demands of the Borough Council, Staffordshire County Council, Office of the Police and Crime Commissioner Staffordshire and Stoke-on-Trent and Staffordshire Fire and Rescue Authority) of £2,012.94 at Band D for 2023/24 be noted (£1,922.11 in 2022/23) (Appendix H);

10.      the Council Tax levels at each band for 2023/24 (Appendix H);

11.      the sum of £1,207,869 be transferred from General Fund Revenue Balances in 2023/24 (Appendix E);

12.      the Summary General Fund Revenue Budget for 2023/24 (Appendix E);

13.      the Provisional General Fund Budgets for 2024/25 to 2025/26, summarised at Appendix G, as the basis for future planning;

14.      minimum level for balances of £500k to be held for each of the General Fund, Housing Revenue Account, General Capital Fund and Housing Capital Fund;

15.      Cabinet be authorised to release funding from the General Contingency budget and that the release of funding for Specific Contingency items be delegated to the Corporate Management Team in consultation with the Leader of the Council;

16.      proposed HRA Expenditure level of £17,517,810 for 2023/24 (Appendix D);

17.      rents for Council House Tenants for 2023/24 be set at an average of £99.66 (2022/23 £93.14), over a 48 week rent year (including a capped 7% increase in line with the Governments updated Rent Standard for 2023/24);

18.      rents for Council House Tenants due for 52 weeks in 2023/24 be collected over 48 weeks;

19.      the HRA deficit of £823,480 be financed through a transfer from Housing Revenue Account Balances in 2023/24 (Appendix D);

20.      the proposed 5 year General Fund Capital Programme of £10.809m, as detailed in Appendix I to the report;

21.      the proposed 5 year Housing Capital Programme of £37.958m, as detailed in Appendix J to the report;

22.      to delegate authority to Cabinet to approve/add new capital schemes to the capital programme where grant funding is received or there is no net additional cost to the Council;

23.      the Treasury Management Strategy Statement, the Treasury Management Policy Statement, Minimum Revenue Provision Strategy and Annual Investment Statement 2023/24 (as detailed at Appendix N);

24.      adopt the revised clauses from, and the Cipfa Treasury Management in the Public Services Code of Practice and The Prudential Code for Capital Finance in Local Authorities as updated in 2021;

25.      the Prudential and Treasury Indicators and Limits for 2023/24 to 2025/26 contained within Appendix N;

26.      adoption of the Treasury Management Practices contained within ANNEX 8;

27.      the detailed criteria of the Investment Strategy 2023/24 contained in the Treasury Management Strategy within ANNEX 4; and

28.      the Corporate Capital Strategy and associated Action Plan (as detailed at Appendix O).

(Moved by Councillor J Oates and seconded by Councillor A Farrell)


Supporting documents: