RESOLVED:
That Executive RECOMMEND to Council:
1) The latest Medium-Term Financial Plan forecast at Annex 1
2) A Revenue budget requirement of £19.980 million for 2022/23, as set out in this report and at Annex 2, which reflects:
· Service budget savings of (£0.430) million (net); including additional savings of (£0.315 million) at Annex 2;
· Service budget growth for Government funding reductions of £0.115 million;
· Service budget growth for parking income losses of £1.100 million; plus
· Central budget growth of £1.800 million.
3) An increase in Reigate & Banstead’s Band D Council Tax of £5.00 (2.11%) and a final taxbase of 62,274 Band D equivalents;
4) The forecast for Revenue Reserves (Annex 3) and the recommended use of £1.777 million from Reserves in 2022/23 comprising:
· £0.115 million from the Government Funding Risks Reserve to fund reduced housing benefit subsidy; and
· £0.350 million from the Pensions Reserve to fund 2022/23 employer pension contributions; and
· £1.100 million from the COVID-19 Risks Reserve to fund reduced income from parking fees; and
· £0.212 million from the General Fund Balance to support the 2022/23 Revenue Budget;
5) A Capital Programme of £45.297 million for 2022/23 to 2026/27 as set out in this report and at Annexes 4.1 and 4.2, including net Capital Programme Growth Proposals of £4.993 million.
6) The Chief Finance Officer’s report on the robustness of the Budget estimates and adequacy of Reserves.
That Executive authorise:
7) The Chief Finance Officer to make any necessary final technical adjustments to the Budget and Council Tax arising from final budget refinements or changes to Government funding.
That Executive note:
8) Plans to submit IT Strategy investment proposals for approval by Executive.