Issue - meetings

RESOLVED that 1) Members approve the Medium-Term Financial Strategy at Appendix 1,

2) the Council continues to fund the General Fund revenue base budget from the full amount of New Homes Bonus (and related grants such as Services Grant) allocated by Government,

3) to set the strategic intention to continue to be a member of the Derbyshire Business Rates Pool while ever it is financially advantageous for the Council to do so,

4) to set the strategic intention to raise Council Tax by the maximum allowed in any given year, without triggering a Council Tax referendum, to endeavour to continue to deliver services. (The actual Council Tax for any given year will be decided by Council in the preceding March),

5) the Council maintains a policy of a minimum level of Balances for the General Fund of £2m

Executive considered a detailed report, presented by the Portfolio Holder for Resources, in relation to the Medium-Term Financial Strategy (MTFS).

The MTFS set out the Council’s strategic approach to the management of its finances and outlined the various factors and influences that may impact on the Council over the next few years.

The MTFS related purely to the General Fund at present as the Housing Revenue Account (HRA) assumptions, were based on the 30-year Business Plan. The decisions for Members around the HRA dwelling rents and service charges would be provided to Council in the Medium Term Financial Plan in January 2025.

Moved by Councillor Clive Moesby and seconded by Councillor Duncan McGregor

RESOLVED that: 1) the Medium-Term Financial Strategy at Appendix 1 be approved,

2)    the Council continues to fund the General Fund revenue base budget from the full amount of New Homes Bonus (and related grants such as Services Grant) allocated by Government,

3)    to set the strategic intention to continue to be a member of the Derbyshire Business Rates Pool while ever it is financially advantageous for the Council to do so,

4)    to set the strategic intention to raise Council Tax by the maximum allowed in any given year, without triggering a Council Tax referendum, to endeavour to continue to deliver services. (The actual Council Tax for any given year will be decided by Council in the preceding March),

5)    the Council maintains a policy of a minimum level of Balances for the General Fund of £2m.

Reasons for Recommendation

To inform the Medium Term Financial Plan process by providing strategic financial intention.

Alternative Options and Reasons for Rejection

Members could decide not to approve the MTFS. The Medium Term Financial Plan would then be prepared on assumptions not agreed by Members and there could be a risk it would need to be amended in January if the assumptions used were not agreeable. By law, the Medium Term Financial Plan must be approved prior to the beginning of the financial year to which the budget related, 31^st March 2025