Agenda item

Budget Recommendations to Full Council, including the Treasury Management Strategy

Decision:

Cabinet Noted:

  1. That a report from the Budget Scrutiny Committee will follow after their meeting on 4 February
  2. The categorisation of earmarked reserves and provisions set out in Section 16 of appendix A
  3. The advice given by the Chief Finance Officer with respect to the robustness of the budget estimates and the adequacy of the Council’s reserves as set out in Section 15 of Appendix A
  4. The budget consultation process that was followed and feedback as outlined in Section 17 of Appendix A and Appendix 6.
  5. The feedback provided by the Schools Forum, to Cabinet and Council, for their consideration in making final decisions on the Schools Budget for 2021/22.
  6. The uncertainty around COVID response spend, COVID income loss and central government COVID funding levels for the full impact 2021/22 and beyond, and that the estimates provided could be subject to significant change over the medium term.
  7. Council’s Ethical Investment Policy and Strategy is due for revision during 2021/22, which will be expended to incorporate Equitable Policy for Investment in addressing racial and other economic inequalities in the city.

Cabinet Approved:

  1. The removal of £8 million allocation of strategic CIL from Temple Island in line with current capital programme.
  2. The delegation of authority to the Director of Finance after consultation with the Deputy Mayor, Cabinet Member for Finance, Governance and Performance and the Mayor, to make any necessary technical adjustments or adjustments to the figures upon receipt of the final Local Government Finance Settlement, West of England Combined Authority Budget and Department for Education funding clarifications; with transfers to and or from reserves as appropriate.

Cabinet recommended to Full Council:

  1. The Bristol City Council levels of Council Tax increase of 4.99%; which includes 3% precept to support Adult Social Care and noting the precepts of the Police and Crime Commissioner for Avon and Somerset and the Avon Fire Authority.
  2. The Council’s General Fund net revenue budget for the year 2021/22 as £424.1 million and expenditure allocations as set out in Appendix 1; subject to any budget amendments properly notified to and approved by the Council in line with the Constitution.
  3. The temporary movement in general reserves of up to £3.9 million to mitigate the forecasted year end emergent pressures in the People directorate as outlined in Section 5 Current Revenue Budget.
  4. To Agree the Council’s capital budget (including the HRA) for the years 2021/22 - 2025/26, totalling £907.6 million as set out in paragraph 13 and detailed in Appendix 2.
  5. The proposed total Schools budget of £404.7 million for 2021/22 as set out in section 9 Appendix A, which will be funded by the Dedicated Schools Grant.
  6. The proposed Treasury Management Strategy for 2021/22 in Appendix 4, incorporating the Minimum Revenue Provision policy and the prudential indicators and limits.
  7. The calculations for determining the Council Tax requirement for the year 2021/22 as outlined in Section 8 of Appendix A and in accordance with the Local Government Finance Act 1992.
  8. To approve the Strategy for the Flexible use of Capital Receipts as set out in Appendix 5.

Cabinet recommended to Full Council’s the following delegations:

  1. Authority to Cabinet, via a subsequent report to agree the detailed Public Health Budget and movement in the ring-fenced Public Health reserve upon receipt of the final grant allocation for 2021/22 and budget proposals from the Director of Public Health in consultation with the Deputy Mayor and Cabinet member for Communities, Equalities & Public Health and Director of Finance.

 

Supporting documents: