Agenda and draft minutes

Special Cabinet (Budget), Cabinet - Wednesday 25th January 2023 10:00am

Venue: Oak Room, County Buildings, Stafford

Contact: Mike Bradbury  Email: michael.bradbury@staffordshire.gov.uk

Media

Items
No. Item

101.

Declarations of Interest in accordance with Standing Order 16

Additional documents:

Minutes:

There were no declarations of interest on this occasion.

102.

Medium Term Financial Strategy 2023 - 2028 pdf icon PDF 1 MB

Additional documents:

Minutes:

 

 

“We are proposing spending more money than ever before on supporting residents, while still investing heavily in the long-term future of our communities.

 

Millions of pounds are earmarked for schools, roads and backing businesses large and small, so residents can take advantage of good well paid jobs in Staffordshire.”

 

Alan White, Leader of the Council

 

“Despite the recent pressures brought by unexpected inflation and the rising cost of fuel and energy, this authority remains financially stable and able to put forward a balanced budget for the coming year which supports people, communities and businesses.

 

We will work closely with partners to make the most of how we spend our money and to provide the best services for our residents in the most cost-effective way”.

 

Ian Parry, Cabinet Member for Finance and Resources

Reasons for the Decision – To consider the Medium Term Financial Strategy (MTFS) for the period 2023 - 2028 and the draft budget for 2023/24.

 

Decision – (a) That the updates to the financial plans, as set out in the report, be noted.

 

(b) That the comments of the Director of Finance on the adequacy of reserves and robustness of the budget be noted and that the County Council be asked to take note of these comments when considering the budget and council tax.

 

(c) That the comments and recommendations of the Corporate Overview and Scrutiny Committee, and the Executive’s response thereto, be noted.

 

(d) That it be recommended to the County Council on 9th February 2023 that they consider and approve the following:

 

(i)                a net revenue budget of £649.663m for 2023/24;

(ii)               planning forecasts for 2024/25 to 2027/28 as set out in Appendix 11 to the report;

(iii)              a contingency provision of £15.000m for 2023/24;

(iv)             a net contribution from reserves of £2.108m for 2023/24;

(v)               a budget requirement of £647.555m for 2023/24;

(vi)             a council tax requirement of £432.196m for 2023/24;

(vii)            a council tax at Band D of £1,471.23 for 2023/24 which is an increase of 4.99% when compared with 2022/23;

(viii)           This results in council tax for each category of dwelling as set out in the table below:

 

Category of dwelling

Council Tax rate

£

Band A

980.82

Band B

1,144.29

Band C

1,307.76

Band D

1,471.23

Band E

1,798.17

Band F

2,125.11

Band G

2,452.05

Band H

2,942.46

 

(ix)         that the Director of Finance be authorised to sign precept notices on the billing authorities respectively liable for the total precept payable and that each notice states the total precept payable and the council tax in relation to each category of dwelling as calculated in accordance with statutory requirements;

(x)          the Financial Health Indicators set out in Appendix 10 to the report.

 

(e) That it be recommended to the County Council on 9th February 2023 that they consider and approve the following recommendations which are included within the Capital and Minimum Revenue Provision Strategy 2023/24, the Treasury Management Strategy 2023/24 and the Commercial Investment Strategy 2023/24 (Appendices 9a to 9c of the report):  ...  view the full minutes text for item 102.