Agenda and minutes

Venue: Didcot Civic Hall, Britwell Road, Didcot, OX11 7JN

Contact: Steven Corrigan  Democratic Services Manager

Items
No. Item

51.

Declarations of interest

To receive declarations of disclosable pecuniary interests, other registrable interests and non-registrable interests or any conflicts of interest in respect of items on the agenda for this meeting. 

 

Minutes:

None.

52.

Urgent business and chair's announcements

To receive notification of any matters which the chair determines should be considered as urgent business and the special circumstances which have made the matters urgent, and to receive any announcements from the chair. 

Minutes:

The Chair provided general housekeeping advice. The Chair provided details of the events he had attended since the last meeting of Council.

 

 

53.

Public participation

To receive any questions or statements from members of the public that have registered to speak on items on the agenda for this meeting. 

Minutes:

No members of the public had registered to address Council.

54.

Treasury Management Mid-Year Monitoring Report 2022/23 pdf icon PDF 652 KB

The Joint Audit and Governance Committee, at its meeting on 31 January 2023, considered the report of the head of finance on the treasury management mid-year monitoring report. The committee noted the treasury management mid-year monitoring report and was satisfied that the treasury activities were carried out in accordance with the treasury management strategy and policy.

 

Cabinet considered the comments of the committee at its meeting on 2 February 2023 and made a recommendation to Council as set out below.

 

The report of the head of finance is attached.

 

RECOMMENDATION: to

 

1.    note the treasury management mid-year monitoring report 2022/23; and

 

2.    note that Cabinet is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy. 

 

Minutes:

Council considered Cabinet’s recommendations, made at its meeting on 2 February 2023, on the treasury management performance in the first six months of 2022/23.

 

Councillor Barker, Cabinet member for finance, reported that income from cash investments was likely to be above budget by the financial year end due to increases in interest rates that were unexpected when the 2022/23 budget was set.  The report set out performance against benchmarks for the first six months of the financial year.  There had been no borrowing during the first half of the year and borrowing was unlikely for the remainder of the year also. 

 

Both the Joint Audit and Governance Committee, at its meeting on 31 January, and Cabinet, at its meeting on 3 February 2023, were content that the treasury management activities had been carried out in accordance with the treasury management strategy and policy. 

 

RESOLVED: to

 

1.    note the treasury management mid-year monitoring report 2022/23; and

 

2.    note that Cabinet is satisfied that the treasury activities are carried out in accordance with the treasury management strategy and policy. 

 

55.

Treasury Management and Investment Strategy 2023/24 pdf icon PDF 896 KB

The Joint Audit and Governance Committee, at its meeting on 31 January 2023, considered the report of the head of finance on the council’s treasury management and investment strategy for 2023/24. A revised table 6 was circulated at the meeting. The committee made recommendations to Cabinet to approve the treasury management strategy, prudential indicators, and annual investment strategy.

 

Cabinet considered the recommendations at its meeting on 2 February 2023 and made recommendations to Council to approve the treasury management strategy, prudential indicators, and annual investment strategy.

 

The report of the head of finance, which incorporates the amended table 6, is attached

 

RECOMMENDATION: to

 

1.    approve the treasury management strategy 2023/24, as set out in appendix A to the head of finance’s report to Council on 16 February 2023;

 

2.    approve the prudential indicators and limits for 2023/24 to 2025/26, as set out in appendix A to the report; and

 

3.    approve the annual investment strategy 2023/24, as set out in appendix A to the report,and the lending criteria detailed in table 6 in appendix A to the report.

 

Minutes:

Council considered the head of finance’s report on a draft treasury management and investment strategy for 2023/24 which set out Cabinet’s recommendations, made at its meeting on 2 February 2023. The Joint Audit and Governance Committee, at its meeting on 31 January, had supported the draft strategy and had recommended it to Cabinet, along with approving the prudential indicators and limits, and approving the annual investment strategy and lending criteria. 

 

Councillor Barker, the Cabinet member for finance, introduced the report and Cabinet recommendations. He highlighted that the proposed strategy for 2023/24 included the following changes:

  • amendments to individual maximum counterparty limits, increasing the limits for LVNAV &VNAV Money Market Funds to £30 million
  • amendments to the minimum lending criteria - an increase in the minimum asset value criteria for non-rated building societies from assets over £1 billion to assets over £2 billion 

 

Both Cabinet and the Joint Audit and Governance Committee had supported the strategy together with approving the prudential indicators and limits and approving the annual investment strategy and lending criteria. 

 

Some councillors expressed concern that, in their view, the strategy did not take sufficient account of environmental, social and governance (ESG) issues with continued investments in arms, tobacco, oil and certain financial institutions. They expressed the view that more weight should be given to ESG issues which support the council’s values and aims.

 

RESOLVED:

 

1.             approve the treasury management strategy 2023/24 set out in appendix A to the head of finance’s report to Council on 16 February 2023;

2.             approve the prudential indicators and limits for 2023/24 to 2025/26 as set out in, appendix A to the report;

3.             approve the annual investment strategy 2023/24 set out in appendix A to the report,and the lending criteria detailed in table 6.

 

56.

Capital Strategy 2023/24 to 2032/33 pdf icon PDF 224 KB

Cabinet, at its meeting on 2 February 2023, considered the attached report of the head of finance on the capital strategy for 2023/24 to 2032/33.   

 

Cabinet made recommendations to council as set out below.

 

RECOMMENDATION: to

 

1.    approve the capital strategy 2023/24 to 2032/33, as set out in appendix 1 of the head of finance’s report to Cabinet on 2 February 2023; and

 

2.    agree the strategy for flexible use of capital receipts, which is contained as annex 1 of the capital strategy. 

 

Additional documents:

Minutes:

Council considered Cabinet’s recommendation, made at its meeting on 2 February 2023, on the council’s capital strategy for 2023/24 to 2032/33.

 

Cabinet had supported the strategy, noting that it was based on the council’s corporate strategy, and was linked to the council’s corporate objectives, the medium-term financial strategy, and the delivery of capital projects. 

 

Councillor Barker, Cabinet member for finance, reported that it was a requirement for the council to review its capital strategy annually and that it provided the parameters within which capital expenditure and investment decisions would be made once the supporting requirements were in place. He reported that no changes were proposed to the strategy

 

In response to a question regarding the potential risk of investing in renewable energy schemes (as experienced by other local authorities), the Cabinet member responded that it would be necessary to undertake due diligence and an analysis of the risks associated with such an investment.

 

RESOLVED: to 

 

1.    approve the capital strategy 2023/243 to 2032/33, contained in appendix one of the head of finance’s report to Cabinet on 2 February 2023; and

2.    agree the strategy for flexible use of capital receipts which is contained as annex A of the capital strategy. 

 

57.

Revenue Budget 2023/24 and Capital Programme to 2027/28 pdf icon PDF 428 KB

Cabinet, at its meeting on 2 February 2023, considered the attached report of the head of finance on the the draft revenue budget 2023/24, and the capital programme to 2027/28.

 

The Scrutiny Committee considered the report at its meeting on 26 January 2023. The Committee recommended to Cabinet that officers should consult the council’s Legal team to consider whether the council should enter into a contract with the Vale to formalise the funding agreement for the proposed new leisure facility at north-east Didcot, to be part funded by Vale of White Horse District Council whose residents could benefit from the facility. Cabinet welcomed Scrutiny Committee’s suggestion but considered that this need not be actioned at this stage.  The first step was for both councils to allocate sufficient funds in their budgets and for the project to be progressed further before a decision could be made on whether a contractual position was required between the two councils. 

 

The report of the chief financial officer on the robustness of the budget estimates and the adequacy of the reserves is attached.

 

RECOMMENDATION: to

 

1.    set the revenue budget for 2023/24, as set out in appendix A.1 to the head of finance’s report to Cabinet on 2 February 2023;

2.    authorise the head of finance, in consultation with the cabinet member for finance, to make a one-off contribution to the Oxfordshire County Council pension fund of up to £5 million, subject to confirmation of the results of the triennial pension fund valuation;

3.    approve the capital programme for 2023/24 to 2027/28, as set out in appendix D.1 to the report, together with the capital programme changes as set out in appendix D.2 and Appendix D.3 to the report;

4.    set the council’s prudential limits as listed in appendix E to the report;

5.    approve the medium-term financial plan to 2027/28, as set out in appendix F to the report;

6.    allocate £500,000 to fund the Communities Capital and Revenue grant scheme; and

7.    ask officers to review the Medium Term Financial Strategy at the end of the current spending review period. 

 

Additional documents:

Minutes:

The chair referred to regulations that require councils to record the names of those councillors voting in favour, against or abstaining from any vote on the budget, including amendments, and the council tax. In accordance with the regulations, he would call for a named vote on each of these matters at this meeting.

 

Council noted the report of the chief finance officer on the robustness of the budget estimates and the adequacy of the reserves.

 

Council considered Cabinet’s recommendations, made at its meeting held on 2 February 2023, on the revenue budget for 2023/24 and the capital programme to 2027/28.

 

Councillor Barker, Cabinet member for finance, presented Cabinet’s proposals for the revenue budget and capital programme. He moved and Councillor Rouane, Leader of the council, seconded a motion to approve Cabinet’s recommendations as follows:

 

To

1.    set the revenue budget for 2023/24, as set out in appendix A.1 to the head of finance’s report to Cabinet on 2 February 2023;

2.    authorise the head of finance, in consultation with the cabinet member for finance, to make a one-off contribution to the Oxfordshire County Council pension fund of up to £5 million, subject to confirmation of the results of the triennial pension fund valuation;

3.    approve the capital programme for 2023/24 to 2027/28, as set out in appendix D.1 to the report, together with the capital programme changes as set out in appendix D.2 and Appendix D.3 to the report;

4.    set the council’s prudential limits as listed in appendix E to the report;

5.    approve the medium-term financial plan to 2027/28, as set out in appendix F to the report;

6.    allocate £500,000 to fund the Communities Capital and Revenue grant scheme; and

7.    ask officers to review the Medium Term Financial Strategy at the end of the current spending review period. 

 

In introducing the budget, the Cabinet member noted that it included £0.5 million of discretionary spending and used only £0.7 million from reserves.  In producing a balanced budget both officers and members had worked hard to review costs and achieve savings.  High inflation had put pressure on the council’s spending, and there was uncertainty over government funding beyond 2024/25.  Another uncertainty was whether the council would be required to pay an additional £5 million to the pension fund - provision for which was included in the budget.  The budget also included new capital funding for a new leisure facility at north-east Didcot, a new learner pool at The Wave in Didcot, and funding for the decarbonisation project at the Cornerstone Arts Centre.  Council tax would increase by £5 for a Band D property, the maximum allowed without holding a referendum.  This increase equated to less than 10 pence per week. 

 

A number of councillors spoke against the budget proposals. They opposed the capital costs for the building of a new council headquarters at the Didcot Gateway site. Alternative council owned accommodation was available, notably Abbey House in Abingdon, which could be repurposed reducing carbon costs and allow the  ...  view the full minutes text for item 57.

58.

Council Tax 2023/24 pdf icon PDF 373 KB

To consider the report of the head of finance on the setting of the council tax for the 2023/24 financial year. Following receipt of all the required information the report is being checked by officers prior to despatch.

Minutes:

Council considered the report of the head of finance on the setting of the Council Tax for the 2023/24 financial year.

 

In accordance with regulations requiring councils to record the names of those councillors voting in favour, against or abstaining from any vote on the council tax the chair called for a recorded vote which was carried with the voting being as follows:

 

 

For

Against

Abstain

Councillors

Councillors

Councillors

Anna Badcock

 

 

 

Pieter-Paul Barker

 

 

 

David Bartholomew

 

 

 

Robin Bennett

 

 

 

Sam Casey-Rerhaye

 

 

 

Sue Cooper

 

 

 

Peter Dragonetti

 

 

 

Maggie Filipova-Rivers

 

 

 

Stefan Gawrysiak

 

 

 

Kate Gregory

 

 

 

Victoria Haval

 

 

 

Lorraine Hillier

 

 

 

Kellie Hinton

 

 

 

Alexandrine Kantor

 

 

 

Mocky Khan

 

 

Lynn Lloyd

 

 

 

Jane Murphy

 

 

 

Caroline Newton

 

 

 

 

 

 

 

Andrea Powell

 

 

 

Leigh Rawlins

 

 

 

Jo Robb

 

 

 

Sue Roberts

 

 

 

David Rouane

 

 

 

Anne-Marie Simpson

 

 

 

Ian Snowdon

 

 

 

Alan Thompson

 

 

 

David Turner

 

 

 

Andrea Warren

 

 

 

Ian White

 

 

Celia Wilson

 

 

 

30

 

0

 

0

 

RESOLVED:

1.    To note that at its meeting on 8 December 2022 the council calculated the council tax base 2023/24:

(a)    for the whole council area as 61,349.5 [Item T in the formula in Section 31B of the Local Government Finance Act 1992, as amended (the “Act”)]; and

 (b)   for dwellings in those parts of its area to which a parish precept relates as in column 1 of appendix 1.

2.    That the council tax requirement for the council’s own purposes for 2023/24 (excluding parish precepts) is £8,665,003

3.    That the following amounts be calculated for the year 2023/24 in accordance with Sections 31 to 36 of the Act:

(a)    £87,755,386 being the aggregate of the amounts which the council estimates for the items set out in Section 31A(2) of the Act taking into account all precepts issued to it by parish councils.

(b)    £72,428,526 being the aggregate of the amounts which the council estimates for the items set out in Section 31A(3) of the Act.

(c)    £15,326,860 being the amount by which the aggregate at (3)(a) above exceeds the aggregate at (3)(b) above, calculated by the council, in accordance with Section 31A(4) of the Act as its council tax requirement for the

 

 
year.  (Item R in the formula in Section 31B of the Act).

(d)    £249.83 being the amount at (3)(c) above (Item R), all divided by Item T (1(a) above), calculated by the council, in accordance with Section 31B of the Act, as the basic amount of its council tax for the year (including parish precepts).

(e)    £6,661,857 being the aggregate amount of all special items referred to in Section 34(1) of the Act, as set out in column 2 of appendix 1.

(f)     £141.24 being the amount at (3)(d) above less the result given by dividing the amount at (3)(e) above by Item T (1(a) above), calculated by the council, in accordance with Section 34(2) of the Act, as the basic amount of its council tax for the year for dwellings in those parts of its area to which no parish precept relates.

4.    To note that for the year 2023/24 Oxfordshire County Council has stated the following amounts  ...  view the full minutes text for item 58.

59.

Pay Policy Statement 2023/24 pdf icon PDF 241 KB

To consider the report of the head of corporate services attached.

 

Minutes:

Council considered the report of the head of corporate services on the adoption of a pay policy statement to meet the requirements of the Localism Act.

 

RESOLVED: to approve the statement of pay policy for 2023/24 attached to the report of the head of corporate services to the Council meeting on 16 February 2023.

 

 

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South Oxfordshire District Council
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