Minutes:
It was moved by Mr
Breckon and seconded by Mr Shepherd:-
“(a) That the comments of the Overview and Scrutiny
Committees and the Scrutiny Commission as set out in Appendix Q to the report
be noted;
(b) That subject to the items below, approval
be given to the Medium Term Financial Strategy (MTFS)
which incorporates the recommended revenue budget for 2022/23 totalling £471.7m
as set out in Appendices A, B and E of this report and includes the growth and
savings for that year as set out in Appendix C;
(c) That approval be given to the projected
provisional revenue budgets for 2023/24, 2024/25 and 2025/26, 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 set out in Appendix D;
(d) That approval be 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;
(e) That the level of the general fund and
earmarked funds as set out in Appendix K be noted and the use of those
earmarked funds as indicated in that appendix be approved;
(f) That the amounts of the County Council's
Council Tax for each band of dwelling and the precept payable by each billing
authority for 2022/23 be as set out in Appendix M (including 1% for the adult
social care precept);
(g) 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;
(h) That the 2022/23 to 2025/26 capital
programme as set out in Appendix F be approved;
(i) That the Director of Corporate Resources,
following consultation with the Cabinet 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;
(j) That the financial indicators required
under the Prudential Code included in Appendix N, Annex 2 be noted and that the
following limits be approved:
|
2022/23 £m |
2023/24 £m |
2024/25 £m |
2025/26 £m |
Operational
boundary for external debt |
|
|
|
|
i) Borrowing |
263 |
263 |
311 |
340 |
ii) Other long
term liabilities |
1 |
1 |
1 |
1 |
TOTAL |
264 |
264 |
312 |
341 |
|
|
|
|
|
Authorised
limit for external debt |
|
|
|
|
i) Borrowing |
273 |
273 |
321 |
350 |
ii) Other
long term liabilities |
1 |
1 |
1 |
1 |
TOTAL |
274 |
274 |
322 |
351 |
(k) 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;
(l) That the following borrowing limits be
approved for the period 2022/23 to 2025/26:
(i) Upper limit on fixed interest exposures 100%;
(ii) Upper limit on variable rate exposures 50%;
(iii) Maturity of borrowing: -
|
Upper Limit |
Lower Limit |
|
% |
% |
Under 12 months |
30 |
0 |
12 months and within 24 months |
30 |
0 |
24 months and within 5 years |
50 |
0 |
5 years and within 10 years |
70 |
0 |
10 years and above |
100 |
25 |
(iv) An upper limit for principal sums
invested for periods longer than 364 days is 10% of the portfolio.
(m) That the Director of Corporate Resources be
authorised to enter into such loans or undertake such
arrangements as necessary to finance capital payments in 2022/23, subject to
the prudential limits in Appendix N;
(n) That the Treasury Management Strategy Statement
and the Annual Investment Strategy for 2022/23, as set out in Appendix N, be
approved including:
(i) The Treasury Management Policy
Statement, Appendix N; Annex 4;
(ii) The Annual Statement of the Annual
Minimum Revenue Provision as set out in Appendix N, Annex 1;
(o) That the Capital Strategy (Appendix G),
Corporate Asset Investment Fund Strategy (Appendix H), Risk Management Policy
and Strategy (Appendix I), Earmarked Funds Policy (Appendix J) and Insurance
Policy (Appendix L) be approved;
(p) That it be noted that the Leicester and
Leicestershire Business Rate Pool will continue for 2022/23;
(q) That the Leicestershire School Funding
Formula remains unchanged, reflecting the National Funding Formula for
2022/23.”
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 Allen, Mr Ashman, Mr Bannister, Mr Barkley, Mr Bedford, Mr Breckon, Mr
Champion, Mr Chapman, Mr Coxon, Dr Feltham, Mr Ghattoraya, Mr Gillard, Mr
Grimley, Mr Hadji-Nikolaou, Mr Harrison, Mr Harrison-Rushton, Mr Hills, Mr
King, Mr Lovegrove, Mr Merrie, Mr Morgan, Mr O’Shea, Mr Orson, Mrs Page, Mr
Pain, Mr Parton, Mr Pendleton, Mr Phillimore, Mr Poland, Mrs Posnett, Mrs
Radford, Mr Richardson, Mrs Richardson, Mr Rushton, Mrs Seaton, Mr Shepherd, Mr
Smith, Mrs Taylor, Mrs A. Wright and Mrs M. Wright.
Against the Motion
Mr Bill, Mr Boulter, Mr Bray, Mrs Broadley, Mr Galton, Mrs Hack, Mr Hunt,
Mr Miah, Mr Mullaney, Ms Newton, Mr Welsh
The motion was put and carried, 40 members voting for the motion and 11
members against.
Supporting documents: