Decision - General Fund Revenue Budget, Capital and Treasury Management Strategy 2021/22

RESOLVED TO RECOMMEND:

(1)      That the Administration’s proposed budget and Council Tax increase on the Brighton & Hove element of the council tax, subject to the necessary revision to account for the approved joint amendment be approved, comprising:

(i)   A general Council Tax increase of 1.99%;

(ii)   An Adult Social Care Precept increase of 3.00%;

(iii) The council’s net General Fund budget requirement for 2021/22 of £218.571m before accounting for the exceptional Section 31 item of -£33.764m;

(iv) The 2021/22 budget allocations to services as set out in the Budget book at Appendix 1 incorporating 2021/22 savings proposals;

(v) The reserves allocations as set out in the table at paragraph 5.26;

(vi) A recommended working balance of £9.000m.

(2)      That the updated Medium-Term Financial Strategy included in the Budget Book at Appendix 1 be noted;

(3)      That the Capital Strategy for 2021/22 at Appendix 2 be approved, comprising:

(i)        The strategy for funding the investment in change, including the flexible use of capital receipts as set out in section 7;

(ii)       The capital resources and proposed borrowing included at Annex A of the Capital Strategy;

(iii)      The Capital Investment Programme for 2021/22 of £221.103m included within the Budget book at Appendix 1 and incorporating allocations to strategic funds.

(4)      That the Equalities Impact Assessments to cover all relevant budget options and their cumulative effect as set out in Appendices 6 and 7 be noted;

(5)      That it be further noted that the budget decision is an indicative resourcing decision to be taken in the context of the explanation in the Legal Implications paragraph 17.3;

(6)      That the Treasury Management Strategy Statement as set out in Appendix 3 be approved, comprising:

(i)      The Annual Investment Strategy;

(ii)     The Prudential and Treasury Indicators;

(iii)    The Minimum Revenue Provision policy;

(iv)     The authorised borrowing limit for the year commencing 1 April 2021 of £541m.

(7)      That it be noted that supplementary information needed to set the overall council tax will be provided for the budget setting Council meeting as listed in paragraph 11.3.

RESOLVED: That the council’s appointed S151 Chief Financial Officer be authorised to make any necessary technical, presentational or consequential amendments to this report before submission to full Council.