Issue - meetings

Medium Term Financial Strategy (MTFS), General Fund, Service Plans, Budgets and Prudential Indicators 2023-24

Meeting: 23/02/2023 - Council (Item 6)

6 Medium Term Financial Strategy (MTFS), General Fund, Service Plans, Budgets and Prudential Indicators 2023-24 WBC23-002. pdf icon PDF 435 KB

Additional documents:

Minutes:

The report presented the latest update on the Council’s Medium Term Financial Strategy, incorporating detailed budget proposals for 2023/24.  The Council was required to have regard to the report in approving the budget and council tax. 

The Council was able to set a balanced budget for 2023/24 with the use of £8.3mone off reserves and had made arrangements:

·        to operate a cost control framework and discipline;

·        to establish further savings through developing a minimum viable position for all services;

·        to track savings and establish full financial variance monitoring in a timely way;

·        To establish a Fit for the Future programme;

·        to review the prudent position on the amounts set aside for debt;

·        to stabilise reserves; and

·        to review Company business plans and investments.

The Council was in the territory of Section 114 but at present a Section 114 Notice was not required, though this could change as work on the 2024/25 budget progressed.

The net budget for the General Fund was £11.4m and the resulting Band D Council Tax figure for 2023/24 was £263.12, an increase of 3% compared to the current year.  The budget did not incorporate any changes to the Minimum Revenue Provision (MRP), the amount the Council set aside for the repayment of debt.  An independent review of the Council’s MRP policy had been commissioned, to be completed by early April 2023.  Until then, the MRP policy adopted in 2022 was being adopted, with any changes arising from the review to be brought forward in 2023/24.

The overall approach proposed in the papers before the Council were debated at length following which the Portfolio Holder was afforded an opportunity to reply to the key points raised.  Following the debate, the Mayor referred the Members to the recommendations within the report and in accordance with Standing Order 10.8 the recommendations were put to a vote.

The names of Members voting for and against the recommendations were recorded as follows:

In favour:                           Councillors T Aziz, A-M Barker, G Cosnahan, W Forster, P Graves, I Johnson, A Kirby, R Leach, L Lyons, L Morales, J Morley, E Nicholson, S Oades, M I Raja, D Roberts, J Sanderson and T Spencer.

Total in favour:                  17

Against:                             Councillors A Azad, J Brown, K Davis, S Dorsett, G Elson and M Whitehand.

Total against:                     6

Present not voting:            The Mayor, Councillor S Hussain, and Councillors Dr H Akberali, D Jordan and C Kemp,

Total present not voting:   4

The recommendations were therefore carried by 17 votes in favour and 6 votes against.

RESOLVED

That (i)    the Revenue Estimates and Human Resource requirements for 2023/24 be approved;

          (ii)   a Band D Council Tax for the Borough of Woking for 2023/24 of £263.12 be approved; and

          (iii) the Prudential Indicators at Appendix 3 to the report be approved, subject to any changes arising from consideration of the Investment Programme, revenue budgets and Final Government Settlement.