Agenda and decisions

(Budget Meeting), County Council - Wednesday, 17 February 2021 2.00 pm

Venue: Microsoft Teams

Contact: Mo Seedat - Tel: 0116 305 2583  Email: mo.seedat@leics.gov.uk

Note: This meeting will not be open to the public in line with Government advice on public gatherings. The meeting will be webcast live via YouTube: https://www.youtube.com/channel/UCWFpwBLs6MnUzG0WjejrQtQ 

Items
No. Item

1.

Chairman's Announcements.

2.

To confirm the minutes of the meeting of the Council held on 2 December 2020. pdf icon PDF 285 KB

Additional documents:

3.

To receive declarations by members of interests in respect of items on this agenda.

4.

To answer questions asked under Standing Order 7(1)(2) and (5).

5.

To receive position statements under Standing Order 8. pdf icon PDF 3 KB

Additional documents:

Decision:

“The Leader gave a position statement on the following matters:

·       Litter Wombles

·       LGBT+ History Month

·       Covid Memorial Walk – Watermead Park

·       Supporting Residents, Community Groups and Businesses During Covid.

 

The Lead Member for Health gave a position statement regarding Covid Vaccinations and the work of the Council.


The Chairman of the Scrutiny Commission gave a position statement on the work of the Scrutiny Commission.

 

Copies of the position statements are attached.”

 

6.

Report of the Cabinet.

6a

Medium Term Financial Strategy 2021/22 to 2024/25. pdf icon PDF 322 KB

Additional documents:

Decision:

(a)        That subject to the items below, approval be given to the Medium Term Financial Strategy (MTFS) which incorporates the recommended revenue budget for 2021/22 totalling £399m 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;

 

(b)        That approval be given to the projected provisional revenue budgets for 2022/23, 2023/24 and 2024/25, 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;

 

(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 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;

 

(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 2021/22 be as set out in Appendix M (including 3% 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 2021/22 to 2024/25 capital programme as set out in Appendix F;

 

(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 N, Annex 2 be noted and that the following limits be approved:

 

 

2021/22

£m

2022/23

£m

2023/24

£m

2024/25

£m

Operational boundary for external debt

 

 

 

 

i)  Borrowing

263

263

262

262

ii) Other long term liabilities

1

1

1

1

TOTAL

264

264

263

263

 

 

 

 

 

Authorised limit for external debt

 

 

 

 

i)   Borrowing

273

273

272

272

ii) Other long term liabilities

1

1

1

1

TOTAL

274

274

273

273

 

(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 2021/22 to 2024/25:

(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.

 

(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 2021/22, subject to the prudential limits in Appendix N;

 

(m)      That the Treasury Management Strategy Statement and the Annual Investment Strategy for 2021/22,  ...  view the full decision text for item 6a