Issue - items at meetings - EXECUTIVE'S FINAL REVENUE BUDGET PROPOSALS 2023/24 AND MTFS 2025/26

To consider a report of the Executive Member for Finance and Governance and the Director of Finance and Systems.

1) That it be recommend to Council that it :-

a) Approves the 2023/24 net Revenue Budget of £209.38m.

b) Approves the 2024/25 to 2025/26 Medium Term Financial Strategy (MTFS) including the income and savings proposals.

c) Notes the continued arrangements in relation to an enhanced Finance and Change Programme and the role of the Finance and Change Board who will continue to work with the Executive on the development of sustainable budget plans to support the Council in meeting the financial challenges from 2024/25 onwards

d) Approves the calculation of the Council Tax Requirement as summarised in Section 8.1 and set out in the Formal Council Tax Resolution in Annex J (any update for changes in Mayoral Police and Crime Commissioner or Mayoral General (incl. Fire Services) Precepts, if any, will be tabled at the Council Meeting);

e) Approves the proposal to increase Council Tax by 4.99% in 2023/24:

a. 2.99% general increase in the ‘relevant basic amount’ in 2023/24, and

b. 2.0% for the ‘Adult Social Care’ precept in 2023/24.

f) Notes the assumptions in the MTFS to increase Council Tax by

a. An increase in the ‘relevant basic amount’ of 2.99% in 2024/25 and 1.99% 2025/26, and

b. for the ‘Adult Social Care’ precept in 2% in 2024/25 and 1% in 2025/26.

g) Approves the planned application of earmarked reserves as detailed in Section 6.

h) Approves the Fees and Charges for 2023/24 and those relating to Registration of Births, Death & Marriages and Allotments also shown for 2024/25, as set out in the Fees & Charges booklet.

i) Delegates authority jointly to each Corporate Director in consultation with the Council’s Director of Finance and Systems to amend fees and charges which are within their respective delegated powers during 2023/24 in the event of any change in VAT rate, as appropriate.

j) Delegates authority jointly to each Corporate Director in consultation with the Council’s Director of Finance and Systems to amend fees and charges during 2023/24 which are within their respective delegated powers where the economics of the charge levels have changed (e.g. costs have risen unexpectedly), or for commercial reasons.

k) Approves the virement of £100k from the Neighbourhood Grants budget for a period of two financial years to allow financial support towards the continuation of the Community Hubs.

l) Approves the proposal to maintain the minimum level of General Reserve for 2023/24 at £9.5m (Section 6.8).

m) Approves the Capital Strategy, Prudential and Local Indicators and overall level of the Capital Programme and Asset Investment Fund of £388.42m (as detailed in the Capital Strategy, Capital Programme & Prudential Indicators 2023/26) of which £200.58m relates to 2023/24; including the proposal in relation to £7.95m of new prudential borrowing related to the Leisure Strategy of £3.5m and £4.45m to support Local Authority Housing Fund.

n) Approves the Treasury Management Strategy 2023/24 to 2025/26, including the Debt Strategy (Section 4), the updated policy on Minimum Revenue Provision (Section 5) the Treasury Investment Strategy (Section 6) and ... view the full decision text for item 73

The Leader introduced the report and reminded those in attendance that it was for approval of the Executives recommendations to Council and there would be opportunity for detailed discussion during the following budget Council meeting.

The Executive Member for Economy and Regeneration welcomed the budget proposals and spoke of her experience in taking part in the budget process and thanked Officers for their work and support in preparing the budget.

The Leader then moved the recommendations, and they were approved.

RESOLVED:

1) That it be recommend to Council that it :-