Agenda and minutes

To approve as a correct record the Minutes of the last meeting.

The minutes of the last meeting were approved as a correct record and signed by the Chair.

To note Individual Decisions taken since the last meeting.

The minutes of Individual Decisions were noted.

To consider the Strategic Plan 2023.

PURPOSE

To seek Executive endorsement of the Strategic Plan.

REASON FOR DECISION

The Strategic Plan sets out a clear vision for the future: one that is evidence based, shared by all units of the Council, and is in tune with the aspirations of local people.

DECISION

That the Executive recommend the Strategic Plan for approval by Full Council.

To consider a report on the Annual Pay Policy Statement.

PURPOSE

To seek Executive endorsement for the Council’s Pay Policy Statement which is required to be published prior to the end of March each year.

REASON FOR DECISION

The Localism Act 2011 – [Chapter 8 - Pay Accountability], requires all local authorities to set out its position on a range of issues relating to the remuneration of its employees.  The Pay Policy Statement must be approved by the Council in open forum, by the end of March each year and then be published on its website.

DECISION

As the Employer contribution rate would increase from April 2023, paragraph 35 on p8 of the Appendix document (p42 of the Executive Agenda pack)  should be updated to include the wording in bold below.

35.  The Council contributes to the Local Government Pension Scheme for its employees who are members of the Scheme which is 17.6% of an employee’s salary (from April 2023 this increases to 19.4%).  This rate of contribution is set by actuaries advising the Lancashire Pension Fund and is reviewed on a triennial basis.

Subject to the above amendment the Executive endorsed the report and recommended approval by Full Council.

To consider revenue budget monitoring Q3 2022/23.

Purpose

To report the forecast outturn position for the year as at 31 March 2023 based upon actual spending and income to 31 December 2022.

Reason for Decision

To give consideration to the level of revenue spending and income in 2022/23 as part of the effective governance of the Council and to ensure that appropriate management action is taken to ensure a balanced financial position.

Decision

The Executive RESOLVED to:

a.         Note the projected revenue budget forecast position of a net underspend of £9k, as summarised in table 1 and detailed in Appendix 1.  The net underspend of £9k has reduced from a forecast net overspend of £89k as reported in Quarter 2.

b.         Note the financial impact of the Coronavirus pandemic and the cost-of-living crisis as can be seen in paragraph 5.  In view of these exceptional times the revenue monitoring position is uncertain.

And to recommend approval by Full Council for:

c.         The latest revised net budget of £15.322m as shown in Table 1, and

d.         The net transfers from earmarked reserves of £4.284m as shown in Appendix 2.

e.         The requested carry forwards of £419k as shown in Appendix 3.

To consider the capital budget monitoring Q3 2022/23.

PURPOSE

To provide Members with an update on capital expenditure and the resources position along with highlighting any variances.

REASON FOR DECISION

To effectively manage the 2022/23 capital programme.

DECISION

The Executive resolved to:

a.         Recommend to Full Council approval of net budget changes totalling a decrease of £18,513,011 giving a revised capital budget for 2022/23 totalling £20,225,741 as detailed in Appendix 1.

b.         Recommend to Full Council approval of the proposed financing of the revised capital budget totalling £20,225,741 as shown in Appendix 2.

c.         Note the latest estimated year end position on capital receipts and contributions showing an assumed balance of £5,617,708 at 31 March 2023 as shown in Appendix 3.

To consider the medium term financial strategy 2023/28.

PURPOSE

To consider the longer term financial outlook within the context of a Medium-Term Financial Strategy covering the financial years 2024/25 to 2027/28, highlighting uncertainties, underlying risks and make recommendations to Council.  The Medium-Term Financial Strategy should be read in conjunction with the Revenue Budget 2023/24 and the associated statutory report of the Chief Finance Officer.

REASON FOR DECISION

Professional accounting practice recommends that a medium-term financial strategy is in place to ensure that resources are aligned to strategic intent and business objectives.  It also provides a firm and robust basis on which to prepare the annual budget.  Given the current financial climate, the need for consideration of the medium term financial position is pertinent to ensuring sustainable service delivery and for the Council to remain viable as a going concern.

DECISION

The Executive RESOLVED to recommend to Full Council:

1.    Approval of the latest Medium-Term Financial Strategy;

2.    Approval of the Reserves Strategy, as appended to the Medium-Term Financial Strategy;

And to:

3.    Note that a refreshed document will be provided when required as an aid to monitoring the continued delivery of an annually balanced budget; and

4.    Note the annual review of the Financial Management Code.

To consider the 2023/2024 Treasury Management Strategy and 2023/2024 Prudential and Treasury Indicators. 

PURPOSE

a)         To comply with the amended Chartered Institute of Public Finance and Accountancy’s (CIPFA) Code of Practice on Treasury Management 2021.

b)         To outline a Treasury Management Strategy Statement for the financial year 2023/24.

c)         To set out prudential indicators for the financial years 2023/26 in line with the CIPFA’s Prudential Code 2021.

d)         To seek approval for the Council’s Minimum Revenue Provision (MRP) Policy Statement for the financial year 2023/24 in accordance with Government regulations.

REASON FOR DECISION

a)            To provide the proper basis required by current Government regulations and guidance to make charges for debt repayment (MRP) to the Council’s revenue account.

b)            To fulfil statutory and regulatory requirements and to provide a clear framework for local authority capital finance and treasury management.

DECISION

That the Executive RESOLVED to recommend to Full Council approval of:

a)         The Treasury Management Strategy Statement for 2023/24 as set out in Appendix 1;

b)         The prudential and treasury indicators for 2023/24 to 2025/2026 per Appendix 2 including the authorised limit for external debt of £96.918m in 2023/24;

c)         The list of Counterparties for Deposits outlined within Appendix 3.

d)         The Council’s MRP Statement for 2023/24 as set out in Appendix 4 of the report.

To consider a council tax support scheme 2023/24.

PURPOSE

To present the findings of the Council Tax Support Scheme consultation with regards to temporarily increasing the maximum level of subsidy for working age claimants, from 85% to 100%, for the 2023/24 scheme only.

REASON FOR DECISION

To provide temporary support, by increasing the level of subsidy to a maximum of 100%, for eligible working age claimants within the Council’s Council Tax Support Scheme for 2023/24 to help alleviate some of the financial hardship caused by the cost-of-living crisis.

DECISION

That the Executive RESOLVED to recommend that Full Council approve and adopt changes to the Council Tax Support Scheme for 2023/24 to increase the maximum level of subsidy for working age claimants from 85% to 100% for a one-year period.

To consider the revenue budget 2023/24.

PURPOSE

To consider the estimates of revenue income and expenditure for 2023/24 and to make recommendations to Full Council about next year’s Revenue Budget.

REASONS FOR DECISION

To consider the capital budget 2023/24 and capital investment programme 2023/2028.

PURPOSE

To recommend approval of the capital budget for 2023/24.

REASONS FOR DECISION

To establish a capital budget that reflects the Council’s overall priorities and provides a framework for capital spending to be undertaken during 2023/24.

DECISION

The Executive RESOLVED;

a)    That Full Council be recommended to:

(i)        Approve the 2023/24 Capital Budget, totalling £41,357,215 as set out in Appendix 1.

(ii)        Note the 2023-28 Capital Investment Programme as set out in Appendix 1.

(iii)       Note the estimated position on capital resources as set out in Appendix 2.

b) That subject to the approval of a) (i) above the Executive approve the release of capital scheme budgets including slippage from 2022/23, subject to compliance with the Financial Procedure Rules and that there will be full compliance with Standing Orders for Contracts.

c)    To Approve of the Capital Strategy 2023-28, as set out in Appendix 4.