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The Treasurer informed Members of the current position on the budget for 2022/23 and implications for the Medium Term Financial Plan.
The Treasurer was pleased to report that the Comprehensive Spending Review and Council Tax information had now been received and Members were provided with the updated data. Members were asked to approve the Council Tax Band D Precept increase. Following in depth discussions regarding the cost of inflation and the challenges being faced by our communities across the two Counties, and the need to avoid creating a future budget shortfall, Members agreed to recommend an increase in the Band D Precept of £1.72 per household/per year (1.96%).
Members noted the expenditure efficiencies expected to arise from the opening of the Wyre Forest Hub were being deferred by one year as a result of delays in the disposal of surplus buildings.
Members also noted that the Business Rates information was still awaited and it was anticipated to be received by the statutory deadline of 31 January 2022. This would be reported to the Fire Authority meeting in February 2022.
The Treasurer assured Members that the Authority's financial position in those areas where information was available was better than anticipated, but the as yet unknown Business Rates position could absorb all the gain.
RESOLVED that the Committee:
i) Approved the changes to the Medium Term Financial Plan (MTFP) expenditure projection;
ii) Recommended that the Authority increase the Band D Precept by £1.72 (1.96%);
iii) Noted that the MTFP funding projection awaited detailed information on Business Rates; and
iv) Noted that the indications were that the final MTFP would be within previously approved parameters.