Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
Decision:
RESOLVED:
That Cabinet makes the following recommendations to Council on 9
February 2020.
Cabinet
recommends that Council:
- Approves
the net revenue budget requirement be set at £1,003.6 million (net cost of services after service
specific government grants) for 2021/22 (Annex B), subject to
confirmation of the Final Local Government Financial
Settlement;
- Approves
the total Council Tax Funding Requirement be set at £777.9 million for 2021/22. This is based on a council tax increase of 2.49%,
made up of an increase in the level of core council tax of 1.99% to
cover core Council services and an increase of 0.5% in the precept
proposed by Central Government to cover the growing cost of Adult
Social Care (Annex E);
- Notes that
for the purpose of section 52ZB of the Local Government Finance Act
1992, the Council formally determines that the increase in core
council tax is not such as to trigger a referendum (i.e. not
greater than 2%);
-
Sets the Surrey County Council precept for Band D
Council Tax at £1,549.08, which represents a 2.49% uplift.
This is a rise of £0.72 a week from the 2020/21 precept of
£1,511.46. This includes £139.01 for the Adult Social
Care precept, which has increased by £7.55. A full list of
bands is as follows:
- Approves
the Flexible Use of Capital Receipts Strategy for 2021/22 to meet
the statutory guidelines for the use of such receipts to fund
transformation (Annex F);
- Notes that
underlying General Fund Balances are projected to remain at
£24.2 million as at 1 April 2021;
- Approves
the Total Schools Budget of £537.3 million to meet the
Council’s statutory requirement on schools
funding;
- Approves
the overall indicative Budget Envelopes for Executive Directorates
and individual services for the 2021/22 budget (Annex
B);
- Approves
the total £1,905.5 million proposed five-year Capital
Programme (comprising £1,026.2m of budget and £879.2m
pipeline) and approves the £184.9 million Capital Budget in
2021/22 (Annex C);
- Approves
the Capital and Investment Strategy (Annex G), which provides an
overview of how risks associated with capital expenditure,
financing and treasury will be managed as well as how they
contribute towards the delivery of services;
- Approves
the policy for making a prudent level of revenue provision for the
repayment of debt (the Minimum Revenue Provision (MRP) Policy)
(Annex I);
- Agrees the
Council’s refreshed Transformation Programme (as set out in
section 3 of 2021/22 Final Budget Report and Medium-Term Financial
Strategy to 2025/26)
- Note that
the investment in transformation required to deliver improved
outcomes and financial benefits is built into the proposed
Medium-Term Financial Strategy (as set out in section 3 of 2021/22
Final Budget Report and Medium-Term Financial Strategy to 2025/26)
and;
Cabinet
recommends that the Audit & Governance Committee approves the
following:
- Treasury
Management Strategy and Prudential Indicators (Annex H) which set a
framework for the Council’s treasury function to manage
risks, source borrowing and invest surplus cash.
Reason for
Decision:
Council
will meet on 9 February 2021 to agree a budget and to set the
Council Tax Precept for 2021/22. Cabinet is required to recommend a
budget to Council for consideration at this meeting. The budget directs available
resources to support the achievement of the Council’s
ambitions and priorities in the 2030 Vision and the
Refreshed Organisation Strategy. The budget will also support the
delivery of the continuing transformational changes that are
required to ensure that the Council can improve priority outcomes
for residents, while managing growing demand for services and
ensuring future financial sustainability.
[The decisions on this item can be called in by the
Resources and Performance Select Committee]
Publication date: 27/01/2021
Date of decision: 26/01/2021
Decided at meeting: 26/01/2021 - Cabinet
Effective from: 04/02/2021
Accompanying Documents: