Agenda item

It was moved by Mr Rhodes and seconded by Mr Shepherd:

 

“(a)   That subject to the items below, approval be given to the Medium Term Financial Strategy (MTFS) which incorporates the recommended revenue budget for 2020/21 totalling £390m as set out in Appendices A, B and D of this report and includes the growth and savings for that year as set out in Appendix C;

 

(b)      That approval be given to the projected provisional revenue budgets for 2021/22, 2022/23 and 2023/24, set out in Appendix B to the report, including the growth and savings for those years as set out in Appendix C, allowing the undertaking of preliminary work, including business case development, consultation and equality and human rights impact assessments, as may be necessary towards achieving the savings specified for those years including savings under development;

 

(c)       That approval is given to the early achievement of savings that are included in the MTFS, as may be necessary, along with associated investment costs, subject to the Director of Corporate Resources agreeing to funding being available;

 

(d)      That the level of earmarked funds as set out in Appendix J be noted and the use of those earmarked funds as indicated in that appendix be approved;

 

(e)      That the amounts of the County Council's Council Tax for each band of dwelling and the precept payable by each billing authority for 2020/21 be as set out in Appendix L (including 2% for the adult social care precept);

 

(f)        That the Chief Executive be authorised to issue the necessary precepts to billing authorities in accordance with the budget requirement above and the tax base notified by the District Councils, and to take any other action which may be necessary to give effect to the precepts;

 

(g)      That approval be given to the 2020/21 to 2023/24 capital programme as set out in Appendix E;

 

(h)      That the Director of Corporate Resources following consultation with the Lead Member for Resources be authorised to approve new capital schemes, including revenue costs associated with their delivery, shown as future developments in the capital programme, to be funded from funding available;

 

(i)        That the financial indicators required under the Prudential Code included in Appendix M, Annex 2 be noted and that the following limits be approved:

 

 

(j)        That the Director of Corporate Resources be authorised to effect movement within the authorised limit for external debt between borrowing and other long-term liabilities;

 

(k)       That the following borrowing limits be approved for the period 2020/21 to 2023/24:

   (i)         Upper limit on fixed interest exposures                                                    100%;

(ii)        Upper limit on variable rate exposures 50%;

(iii)       Maturity of borrowing:-

 

 

(l)        That the Director of Corporate Resources be authorised to enter into such loans or undertake such arrangements as necessary to finance capital payments in 2020/21, subject to the prudential limits in Appendix M;

 

(m)     That the Treasury Management Strategy Statement and the Annual Investment Strategy for 2020/21, as set out in Appendix M, be approved including:

(i)     The Treasury Management Policy Statement, Appendix M; Annex        4;

(ii)   The Annual Statement of the Annual Minimum Revenue Provision as set out in Appendix M, Annex 1; 

 

(n)      That the Capital Strategy (Appendix F), Corporate Asset Investment Fund Strategy (Appendix G), Risk Management Policy and Strategy (Appendix H), Earmarked Funds Policy (Appendix I) and Insurance Policy (Appendix K) be approved;

 

(o)      That it be noted that the Leicester and Leicestershire Business Rate Pool will continue for 2020/21;

 

(p)      That the Director of Corporate Resources be authorised to make changes to the MTFS which may be required as a result of the outcome of the final Local Government Settlement for 2020/21, noting that any changes will be reported to the Cabinet.”

 

The Chairman indicated that a named vote would be recorded, as required by Government Regulations.

 

The vote was recorded as follows:

 

For the Motion

 

Mr Barkley, Mr Bedford, Mr Bentley, Mr Blunt, Mr Breckon, Dr Bremner, Mr Coxon, Dr Feltham, Mrs Fryer, Mr Gillard, Mr Harrison, Mr Liquorish, Mr Morgan, Mr O’Shea, Mr Orson, Mr Osborne, Mr Ould, Mrs Page, Mr Pain, Mr Parton, Mr Pearson, Mr Phillimore, Mr Poland, Mrs Posnett, Mrs Radford, Mr Rhodes, Mrs Richards, Mr Richardson, Mrs Richardson, Mr Rushton, Mrs Seaton, Mr Shepherd, Mrs Taylor, Mrs A Wright, Mrs M Wright

 

Against the Motion

 

Mr Bill, Mr Boulter, Mr Bray, Mrs Broadley, Mr Charlesworth, Mr Crooks, Mr Galton, Mr Gamble, Dr Hill, Mr Kaufman, Mr Mullaney, Mr Welsh, Mr Wyatt

 

Abstentions

 

Dr Eynon, Mrs Hack, Mr Hunt, Mr Miah, Ms Newton, Mr Sheahan

 

The motion was carried, 35 members voting for the motion and 13 members against.