The Council Assembly met on Wednesday 24 February 2021 to set the council tax for the upcoming year and approve the revenue budget. Key decisions included an increase in the Southwark element of council tax and the allocation of additional funds for adult social care, alongside the launch of a New Youth Deal to support young people.

Policy and Resources Strategy 2021-22 - Revenue Budget and Council Tax Setting

The council agreed to increase the Southwark element of the council tax by 1.99% for 2021-22. Additionally, a further 3% increase was approved, specifically designated to support adult social care. The general fund budget requirement for 2020-21 was set at £293.120m.

A significant decision was the launch of the New Youth Deal, a comprehensive initiative aimed at supporting young people in Southwark through and after the pandemic. This deal focuses on promoting mental health and wellbeing, and enabling access to education, training, and employment. A key component of this initiative is the creation of a new Youth Parliament, composed of young residents, which will have oversight of the New Youth Deal and its associated funding. Existing funding streams for youth support, including Southwark Works, Southwark Scholars, the Positive Future for Young People Fund, and paid internships, will be consolidated into a single New Youth Deal fund. An additional £100,000 will be allocated for the coordination of the Youth Parliament and this new approach. Furthermore, £100,000 will be dedicated to implementing other recommendations from the Strategic Review of Youth Services. A committee, led by Councillor Jasmine Ali, Deputy Leader and Cabinet Member for Children, Education and Refugees, will oversee this transition.

In response to growing mental health pressures exacerbated by Covid-19, the council committed £200,000 to expand the free mental health drop-in service, The Nest, into Southwark schools. This expansion aims to support 100% of children and young people with mental health needs. This funding will be prioritised from new Covid grant money received in the new financial year, with provisions to be made from earmarked reserves if necessary.

The council also resolved to reinstate the Southwark Pioneers Fund with an allocation of £950,000. This fund, originally launched in 2019 to support social enterprises and businesses with positive social outcomes, had its funding repurposed as an emergency business hardship fund due to the pandemic. Its reinstatement is intended to aid the borough's economic recovery post-Covid.

Regarding council tax specifically, the 2021-22 Southwark element for band D properties was set at £1,164.14, incorporating the 4.99% increase. The Greater London Authority (GLA) proposed a precept level of £363.66 for band D properties, which was noted by the assembly. Existing local war disability and war widow/widowers' schemes for housing benefit will continue. A council tax setting committee was established to set the council tax for 2021-22, with Councillor Rebecca Lury appointed as chair and Councillor Jane Salmon as vice-chair. This committee was scheduled to meet on Friday 26 February 2021.

Capital Strategy and Treasury Management Strategy 2021-22

The council noted its continued investment in an ambitious long-term capital programme, which aims to provide ongoing benefits across the borough and generate revenue streams to support council services. The Capital Strategy 2021-22, Treasury Management Strategy Statement 2021-22, Investment Management Strategy 2021-22, Minimum Revenue Provision Statement 2021-22, and Prudential Indicators for 2021-24 were all approved.

Capital Programme Refresh for 2020-21 to 2029-30

The refreshed general fund capital programme for the period 2020-21 to 2029-30, as approved by Cabinet on 2 February 2020, was noted by the Council Assembly.