Decision details

RECOMMENDED to Council:

1.            The latest Medium-Term Financial Plan forecast at Annex 1

2.            A Revenue budget requirement of £17.395 million for 2021/22, as set out in the report and at Annex 2 of the report, which reflects:

a.    Service budget growth of £0.695 million (net); plus

b.    Central budget savings of (£1.554) million (net)

3.            An increase in Reigate & Banstead’s Band D Council Tax of £5.00 (2.15%) and a final taxbase of 60,720 Band D equivalents;

4.            The forecast for Revenue Reserves (Annex 3) and the recommended use of £0.477 million from Reserves in 2021/22 comprising:

a.    Drawing £0.104 million from the Government Funding Risks Reserve to fund reduced housing benefit subsidy; and

b.    Drawing £0.138 million from the Commercial Risks Reserve to fund reduced income from rents and trading activities; and

c.    Drawing £0.235 million from the General Fund Balance to support the 2020/21 Revenue Budget;

5.            A Capital Programme of £81.555 million for 2021/22 to 2025/26 as set out in this report and at Annexes 4.1 and 4.2, including Capital Programme Growth Proposals of £1.326 million.

6.            The Chief Finance Officer’s report on the robustness of the Budget estimates and adequacy of Reserves.

RESOLVED that:

7.            The Chief Finance Officer be authorised to make any necessary final technical adjustments to the Budget and Council Tax arising from final budget refinements or changes to Government funding.