Decision details
Council Budget 2021/22
Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Decision:
1. Consider the effect of the funding available and revenue expenditure position as noted in paragraphs 1.24, 1.25 and Table B of the report, supported by additional information in Appendix A;
2. Consider the Equality Impact Analysis at Appendix B and the consultation comments as shown in Appendix G and presented at the meeting;
2a) Approve for recommendation to full Council that the budget for 2020/21 be amended as follows:
i) a new Support for Businesses Reserve of £12m be created for the purpose of implementing schemes for supporting Lincolnshire Businesses by a transfer of £12m from the Financial Volatility Reserve; and
ii) £0.2m be transferred from the Financial Volatility Reserve to the existing Flood and Water Risk Management reserve for the purpose of providing sandbags across the county.
3. Subject to recommendation 4 below approve for recommendation to full Council:
a) the revenue Budget for 2021/22 proposed in Table B of the report subject to the following changes:-
i. The Financial Volatility Reserve be reduced by £12.2m;
ii. The new Support for Businesses Reserve of £12m be inserted; and
iii. The Flood and Water Risk Management Reserve be increased by £0.2m to £0.418m
b) the capital programme for 2021/22 proposed in Table C and Appendix C of the report subject to the New Developments Capital Contingency Fund being reduced by £10m and the insertion of a new scheme in Highways, "Rural Road Fund" with an allocation of £10m;
c) the levels of council tax proposed in Table D and shown in Appendix D of the report including the increasing of council tax in 2021/22 by 1.99%;
d) the prudential indicators for 2021/22 shown in Appendix E of the report;
e) the Flexible Use of Capital Receipts Strategy for 2021/22 shown in Appendix F of the report; and
f) the Medium Term Financial Strategy attached at Appendix H to the report; and
g) the Capital Strategy 2021/22 attached at Appendix I to the report.
4. Request the Leader to review and amend the Executive's budget recommendations to the County Council, as appropriate, in light of the final Local Government Finance Settlement if received between the Executive meeting and the County Council on 19 February 2021.
5. Request the Leader to review and amend the figures within the Medium Term Financial Strategy to be recommended to the County Council as appropriate, to ensure consistency with final budget recommendations made to the County Council meeting on 19 February 2021.
Report author: Michelle Grady
Publication date: 03/02/2021
Date of decision: 02/02/2021
Decided at meeting: 02/02/2021 - Executive
Accompanying Documents:
- Council Budget 2021-22 PDF 271 KB
- Appendix B - Council Tax Impact Analysis PDF 684 KB
- Appendix C - Capital Programme 2021/22 and Future Years PDF 211 KB
- Appendix D - Council Tax per Property Band PDF 5 KB
- Appendix E - Prudential Indicators PDF 31 KB
- Appendix F - Flexible Use of Capital Receipts Strategy 2021/22 PDF 23 KB
- Appendix G - Budget Proposals Consultation Feedback PDF 130 KB
- Appendix H - Medium Term Financial Strategy PDF 279 KB
- Appendix I - Capital Strategy 2021/22 PDF 657 KB
- Appendix G - Budget Proposals Consultation Feedback - Revised PDF 511 KB
- 5.0 Update to the Council Budget 2021_22 PDF 412 KB