Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
To agree for consultation and scrutiny the
draft Medium Term Financial Strategy 2022-2027.
Purpose of Report
To consider the draft Medium-Term Financial Strategy for the period 2022?2027; the draft budget and council tax proposal for 2022-23; and the draft Capital Strategy 2022-2027.
(1) That the Draft Medium Term Financial Strategy 2022?2027, and the Draft Capital Strategy 2022-2027 be approved for consultation and scrutiny.
(2) That it be noted that the Draft Medium Term Financial Strategy 2022?2027, and the Draft Capital Strategy 2022-2027 include the following specific elements:
(a) a proposed council tax Increase of 1.89% for 2022/23;
(b) a proposed housing rent increase of 3.6% for 2022/23;
(c) the Council’s membership of the Lincolnshire Business Rates Pool in 2022/23;
(d) the draft General Fund Revenue Forecast 2022/23 - 2026/27, detailed in Appendix A of the report, and the main basis on which this budget had been calculated, as set out in section 4 of the report;
(e) the draft General Investment Programme 2022/23 - 2026/27, detailed in Appendix B of the report, and as the main basis on which the programme had been calculated, as set out in section 6 of the report;
(f) the draft Housing Revenue Account Forecast 2022/23 -2026/27, detailed in Appendix A of the report, and as the main basis on which this budget had been calculated, as set out in section 5 of the report; and
(g) the Draft Housing Investment Programme 2022/23 - 2026/27, as detailed in Appendix A of the report, and as the main basis on which the programme has been calculated, as set out in section 7 of the report.
(3) That the Chief Finance Officer be delegated authority to approve the final Business Rates Base for the financial year commencing on 1 April 2022 and ending 31 March 2023 and submission of the base (via the NNDR1 return) to the Department of Levelling Up, Communities and Housing by 31 January 2022, with changes to the base estimated in the Draft Medium Term Financial Strategy 2022/27 being reported to the Executive as part of the Final MTFS 2022-27 on 21 February 2022.
Alternative Options Considered and Rejected
As detailed throughout the report.
Reasons for the Decision
The Medium Term Financial Strategy detailed the overall framework on which the Council planned and manages its financial resources to support the direction of the Council’s vision and strategic priorities. The Medium Term Financial Strategy integrated revenue allocations, savings targets and capital investment and provided the budget for the next financial year and provides indicative budgets and future council tax and housing rent levels for the period covered by the strategy.
Prior to the submission of the Medium Term Financial Strategy for 2022-2027 and budget and council tax proposal for 2022/23 to the Council on 21 February 2022, the initial draft would be subject to public consultation and member scrutiny.
Report author: Jaclyn Gibson
Publication date: 27/01/2022
Date of decision: 17/01/2022
Decided at meeting: 17/01/2022 - Executive
Effective from: 26/01/2022