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Corporate Vision, Priorities Plan, Budget & Medium Term Financial Strategy 2020/21

04/03/2020 - Corporate Vision, Priorities Plan, Budget & Medium Term Financial Strategy 2020/21

The Leader of the Council proposed the Vision Statement, Priority Themes, Corporate Priorities and Plans and their inclusion in the Corporate Plan

The recommended package of budget proposals to enable the Council to agree the;

General Fund (GF) Revenue Budget and Council Tax for 2020/21;

Housing Revenue Account (HRA) Budget for 2020/21;

5 Year General Fund Capital Programme (2020/25);

5 Year HRA Capital Programme (2020/25);

3 Year General Fund Medium Term Financial Strategy (MTFS) (2020/23); and

5 Year HRA Medium Term Financial Strategy (MTFS) (2020/25).

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;
1	The Vision Statement, Priority Themes, Corporate Priorities and Outcomes for 2020/21
2	The proposed revisions to Service Revenue Budgets (Policy Changes)
3	The sum of £77,339 be applied from Council Tax Collection Fund surpluses in reducing the Council Tax demand in 2020/21
4	The sum of £322,619 be applied from Business Rates Collection Fund surpluses in 2020/21
5	That on 28th November 2019, the Cabinet calculated the Council Tax Base 2020/21 for the whole Council area as 22,367 [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 2020/21 is £4,068,334
7	The following amounts as calculated for the year 2020/21 in accordance with Sections 31 to 36 of the Act: a. £49,783,001 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. £45,714,667 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. £4,068,334 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. £181.89 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 2020/21 of £181.89 (an increase of £5 (2.83%) on the 2019/20 level of £176.89) 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 £1,780.17 at Band D for 2020/21 be noted (£1,715.41 in 2019/20)
10	The Council Tax levels at each band for 2020/21
11	The sum of £1,074,572 be transferred from General Fund Revenue Balances in 2020/21
12	The Summary General Fund Revenue Budget for 2020/21
13	The Provisional General Fund Budgets for 2021/22 to 2022/23, 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 £15,259,760 for 2020/21;
17	Rents for Council House Tenants in General Accommodation for 2020/21 be set at an average of £87.93 (2019/20 £85.62), over a 48 week rent year (including a 2.7% increase);
18	Rents for Council House Tenants due for 52 weeks in 2020/21 be collected over 48 weeks;
19	The HRA deficit of £1,337,210 be financed through transfer from Housing Revenue Account Balances in 2020/21
20	The proposed 5 year General Fund Capital Programme of £5.820m,
21	The proposed 5 year Housing Capital Programme of £46.862m,
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 2020/21
24	The Prudential and Treasury Indicators and Limits for 2020/21 to 2022/23
25	Adoption of the Treasury Management Practices
26	The detailed criteria of the Investment Strategy 2020/21 contained in the Treasury Management Strategy; and
27	The Corporate Capital Strategy and associated Action Plan

(Moved by Councillor D Cook and seconded by Councillor R Pritchard)

03/03/2020 - Corporate Vision, Priorities Plan, Budget & Medium Term Financial Strategy 2020/21