Decision details

Cabinet resolved to recommend the Assembly to:

(i)  Approve a base revenue budget for 2022-23 of £181.895m, as detailed in Appendix A to the report;

(ii)  Approve the adjusted Medium Term Financial Strategy (MTFS) position for 2022-23 to 2025-26 allowing for other known pressures and risks at this time, as detailed in Appendix B to the report, including the revised cost of borrowing to accommodate the capital costs associated with the implementation of the MTFS;

(iii)  Delegate authority to the Finance Director, in consultation with the Cabinet Member for Finance, Performance and Core Services, to finalise any contribution required to or from reserves in respect of the 2022-23 budget, pending confirmation of levies and further changes to Government grants prior to 1 April 2022;

(iv)  Delegate authority to the Finance Director, in consultation with the Cabinet Member for Finance, Performance and Core Services, to make arrangements for one-off £150 Council Tax energy rebate payments to be made to all households in Bands A – D and establish a discretionary fund for households in need who would not otherwise be eligible;

(v)  Approve the Statutory Budget Determination for 2022-23 as set out at Appendix D to the report, which reflects an increase of 1.99% on the amount of Council Tax levied by the Council, an Adult Social Care precept of 1.00% and the final Council Tax proposed by the Greater London Assembly (8.8% increase), as detailed in Appendix E to the report;

(vi)  Note the update on the current projects, issues and risks in relation to Council services, as detailed in sections 8-10 of the report;

(vii)  Approve the proposed projects/allocations of funding as set out in paragraphs 9.5 and 9.6 of the report and delegate authority to the Strategic Director of Community Solutions in consultation with the Cabinet Member for Community Leadership and Engagement to approve and enter into all necessary contracts, agreements and other documents in order to implement such arrangements;

(viii)  Approve the Council’s draft Capital Programme for 2022-23 totalling £522.625m, of which £66.813m are General Fund schemes, as detailed in Appendix F to the report;

(ix)  Approve the Flexible Use of Capital Receipts Strategy as set out section 12 of the report;

(x)  Note the update on Dedicated Schools Funding and approve the Local Funding Formula factors as set out in section 13 and Appendix Hto the report;

(xi)  Approve the increased rates for Early Years Education as set out in section 13 of the report; and

(xii)  Note the Chief Financial Officer’s Statutory Finance Report as set out in section 15 of the report, which includes a recommended minimum level of reserves of £12m.