The Cabinet considered
Report No. FIN2210, which made recommendations on the budget, Council Tax
requirement and proposals for budget savings for 2022/23.
The Cabinet was
reminded that the budget framework had been approved at its meeting on 19th
October, 2021. The prospects for the Medium Term Financial Strategy had been
considered at the Cabinet meeting on 18th January, 2022. Members were advised
that the Report had been prepared on the basis that there would be no change to
the provisional local government finance settlement figure, which was due to be
confirmed soon. The Medium Term Financial Strategy continued to provide a
risk-based General Fund balance of £2 million being the minimum expected level
for total working balances. The Cabinet was advised that, despite the
uncertainties around levels of Government funding and the risks around Brexit
and the general economic position, the Council had been able to prepare a sound
budget that maintained services to residents. It was confirmed that the budget
would also provide a platform for the Council to address future challenges. It
was noted, however, that there was a significant and increasing funding gap
from 2022/23 onwards.
The Capital Programme
of £36.703 million in 2022/23 was set out in Appendix 3 of the Report. It was
explained that the Capital Programme was focussed on delivering against the
Council’s key priority of town centre regeneration, with further schemes aimed
at enhancing the delivery of core services through improvement and enhancement
of assets. The Cabinet was informed that changes were needed to the Capital
Programme figures provided in respect of computer systems and council offices
within the Customer Experience and Improvement portfolio. The amended figures
were provided to the Cabinet and would be reflected in the report that would be
considered by the Council. The main areas where the Council would be facing
increased levels of risk and uncertainty over the medium term were set out in
Section 8 of the Report. Members were informed that the most significant risks
were the uncertainty around the level of local government funding provided by
central government, especially in light of the implementation of the Fair
Funding Review and business rates changes and ongoing pressures caused by the
wider economy, including Covid-19 and inflation. In discussing the details of the
Report, Members expressed their gratitude for the hard work of the finance
team.
The Cabinet
(i)
RECOMMENDED TO THE COUNCIL that approval be given
to:
(a)
the Medium Term Financial Strategy, as set out
in Appendix 1 of Report No. FIN2210;
(b)
the Savings and Transformation items for
inclusion in the budget, as set out in Appendix 2 of the Report;
(c)
the Council Tax requirement of £7,212,340 for
this Council;
(d)
the Council Tax level for Rushmoor Borough
Council's purposes of £219.42 for a Band D property in 2022/23;
(e)
the Capital Programme, as set out in Appendix 3
of the Report and amended at the meeting;
(f)
the
Strategy for the Flexible Use of Capital Receipts, as set out in Appendix 4 of
the Report;
(g)
the
balances and reserves position, including proposed reserve transfers for
2022/23, as set out in Section 5 of the Report; and
(ii) RESOLVED that the Council’s Section
151 Officer, in consultation with the Leader of the Council and the Corporate
Services Portfolio Holder, be authorised to make any necessary changes to the
General Fund Summary arising from the final confirmation of the Local
Government Finance Settlement and the Business Rates Retention Scheme
estimates.
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