Decision - General Fund Revenue Budget, Capital & Treasury Management Strategy 2022/23

The General Fund revenue and capital expenditure plans for 2022/23 including the proposed council tax

RESOVLED: That Policy & Resources Committee recommends to Council: 2.1 The Administration's proposed budget and Council Tax increase on the Brighton & Hove element of the council tax, comprising: i) A general Council Tax increase of 1.99%; ii) An Adult Social Care Precept increase of 1.00%; iii) The council's net General Fund budget requirement for 2022/23 of £199. 853m; iv) The 2022/23 budget allocations to services as set out in the Budget book at Appendix 1 incorporating 2022/23 savings proposals and investments; v) The reserves allocations as set out in the table at paragraph 5.20; vi) A recommended working balance of £9.000m (approximately 4.5% of the net budget). 2.2 That Council notes the updated 4-Year Medium Term Financial Strategy included in the Budget Book at Appendix 1. 2.3 That Council approves the Capital Strategy for 2022/23 at Appendix 2 comprising: i) The strategy for funding the investment in change, including the flexible use of capital receipts as set out in section 7; ii) The capital resources and proposed borrowing included at Annex A of the Capital Strategy; iii) The Capital Investment Programme for 2022/23 of £222.788m included within the Budget Book at Appendix 1 and incorporating allocations to strategic funds. 2.4 That Council notes the Equalities Impact Assessments to cover all relevant budget options and their cumulative effect as set out in Appendices 6 and 7. 2.5 That Council further notes that approval of the budget is an indicative resourcing decision to be taken in the context of the explanation given in the Legal Implications paragraph 17.3. 2.6 That Council approves the Treasury Management Strategy Statement as set out in Appendix 3 comprising: i) The Annual Investment Strategy; ii) The Prudential and Treasury Indicators; iii) The Minimum Revenue Provision policy; iv) The authorised borrowing limit for the year commencing 1 April 2022 of £590m. 2.7 That Council notes that supplementary information needed to set the overall council tax will be provided for the budget setting Council meeting as listed in paragraph 11.3. That Policy & Resources Committee agrees: 2.8 That the council's Chief Finance Officer be authorised to make any necessary technical, presentational or consequential amendments to this report before submission to Budget Council.

The assessment identifies external and internal risks that could affect the council's medium-term financial position from 2022/23 onwards. It highlights pressures including inflation, pay awards, reduced government funding, demand-led services, income shortfalls and delays to capital programmes, with monitoring and mitigation measures proposed.