Issue - meetings

Purpose of Report:

To seek approval for, and makes recommendations to the County Council regarding:

·          The Revenue Budget for 2022/23;

·          The Medium Term Financial Strategy (MTFS) for 2023/24 to 2024/25;

·          Council Tax for 2022/23;

·          The Capital Five Year Spending Plan;

·          An updated Annual Treasury Management Strategy for the financial year 2022/23

Considered– A joint report ofthe Chief Executive and the Corporate Director for Strategic Resources, asking the Executive to make recommendations to the County Council regarding the Revenue Budget for 2022/23, the Medium Term Financial Strategy (MTFS) for 2023/24 to 2024/25, Council Tax for 2022/23, the Capital Five Year Spending Plan, and an updated Annual Treasury Management Strategy for the financial year 2022/23

County Councillor Gareth Dadd introduced the report and thanked Gary Fielding and his team for their work on the budget, and for the production of the detailed report, recognising the difficult circumstances under which it had been produced i.e. the variabilities, the challenges and the unpredictability of inflation/Covid etc.

Revenue Budget for 2022/23, the Medium Term Financial Strategy (MTFS) for 2023/24 to 2024/25, & Council Tax for 2022/23

Gary Fielding- Corporate Director for Strategic Resources drew specific attention to:

·            It being the last budget for the County Council setting out a plan that would support three principals areas i.e. to enable the Council to continue to delivery essential services next year, to be able to respond to Covid and its consequences, and to provide the best possible start for the new Council;

·            The summary position as set out in the table at paragraph 2.9 of the report based on Council Tax for 2022/23 being set at 2.99%;

·            The impact of Covid and the need to undertake LGR transitioning;

·            The four Council Tax options set out in Appendix G of the report and what each would mean in regard to the use of Reserves and the recurring shortfall per annum;

·            His Section 25 opinion as detailed in paragraphs 9.12 – 9.13 of the report;

·            The new Council would inherit a structural deficit and would need to deliver a savings plan;

·            The new high inflation environment;

·            The ongoing demand led pressures across Adult Social Care and Children’s’ services;

·            The related risks detailed in Section 10 and appendices L & M of the report;

·            The revised Pay Policy and Pensions Discretion Policy;

·            The Equalities Impact and Environmental Impact Assessment;

·            The detailed public consultation undertaken as set out in Section 6 of the report

Other Executive Members echoed the thanks given to Gary Fielding and his team for their work on the budget, and in response to their questions, Gary Fielding confirmed:

·          Pressures on the Local Assistance Fund would be monitored through the quarterly Finance & performance reports;

·          The available 2.5% ASC precept element could not be carried forward into a future year therefore it would be lost if not used this time round;

·          The ASC reforms and potential implications on fees for the Council could be hugely significant;

County Councillor Gareth Dadd noted:

·          Whilst other Local Authorities had previously fallen into difficulty having taken short-term decisions in the interests of political popularity, NYCC had put the medium term interests of residents first, and taken difficult decisions throughout austerity to build up its reserves;

·          The one variable the County Council had control over was the level of Council Tax, and  ...  view the full minutes text for item 693