Issue - meetings

The Portfolio Holder for Resources Councillor Clive Moesby presented a report on the Medium Term Financial Plan (MTFP) for 2024/25 to 2028/29. 

Councillor Clive Moesby advised that the report set out budgets and sought approval in respect of the current budget 2024/25 for the General Fund MTFP 2024/25 to 2028/29.  The report provided details of the General Fund attached at Appendices 1 and 2, Housing Revenue Account (HRA), details of which were attached to the report at Appendices 3 and 4 and the Capital Programme, details of which was attached to the report at Appendix 5.

The report had already been considered by Finance and Corporate Overview Scrutiny Committee on 28^th November 2024 and by Executive on 2^nd December 2024.

In particular, the financial projections were provided for:

·                 2024/25 Current Budget Position – this was the current year budget, revised to take account of changes during the financial year which would end on 31^st March 2025.

·                 2025/26 Original budget – this was the proposed budget for the next financial year, on which the Council Tax would be based and would commence from 1^st April 2025.

·                 2025/26 Original budget – this included proposed increases to rents and fees and charges for the next financial year for the Housing Revenue Account.

·                 2026/27 to 2028/29 Financial Plan – in accordance with good practice the Council agreed its annual budgets with the context of the MTFP which included projections for the next three financial years.

Councillor Deborah Watson stated that she was pleased with the creation of a new Portfolio Holder for Devolution it as disappointing that no changes had been made to the Council’s financial plans following the Government’s announcement on Devolution.  This was a missed opportunity to make full preparations but also ensure that best use was made of existing funding for residents and not propose an increase to the council tax. Clarity was sought on what would happen if the Council did not maintain its reserves considering the proposed local government reorganisation?

The Portfolio Holder for Resources stated they had a statutory duty maintain reserves and it would be retrograde step not to increase council tax as services still had to be delivered.

The Section 151 Officer confirmed that there was no detailed information available relating to the devolution proposals and the MTFP had to be produced based on the information available.  They had a statutory duty to deliver a balanced budget and to maintain reserves.

Councillor Deborah Watson asked what would happen to the Council’s reserves at the point Bolsover District Council no longer existed?

The Portfolio Holder stated that once more information became available Council would be informed.  They had a duty to continue to deliver services and to maintain reserves until such time it was dissolved or merged into a unitary authority.

Councillor Carol Wood stated that whilst there was no information available as to reorganisation proposals, some adjacent councils had significant debt, for example Derbyshire County Council. Bolsover had reserves and had built  ...  view the full minutes text for item 69