Issue - meetings

RESOLVED that 1) all recommendations below be referred to the meeting of Council on 29^th January 2025;

2) that in the view of the Section 151 Officer, that the estimates included inthe Medium-Term Financial Plan 2024/25 to 2028/29, were robust and thatthe level of financial reserves whilst at minimum levels were adequate, be accepted,

3) officers report back to Executive and to the Finance and CorporateOverview Scrutiny Committee on a quarterly basis regarding the overallposition in respect of the Council’s budgets,

GENERAL FUND

4) a Council Tax increase of £6.07 be levied in respect of a notional Band Dproperty (2.99%),

5) the Medium-Term Financial Plan in respect of the General Fund as set outin Appendix 1 of the report be approved as the Revised Budget 2024/25,as the Original Budget in respect of 2025/26, and the financial projection inrespect of 2026/27 to 2028/29,

6) any further under spend in respect of 2024/25 be transferred to theCouncil’s General Fund Reserves,

7) on the basis that income from Planning Fees may exceed £0.500m in2024/25, the Head of Paid Service, in consultation with the Leader, begranted delegated powers to authorise such additional resources as werenecessary to effectively manage the resultant increase in workload.

HOUSING REVENUE ACCOUNT

8) Council increases its rent levels by 2.7% to apply from 1st April 2025,

9) the increases in respect of other charges as outlined in Appendix 4Table 1 of the report be implemented with effect from 1st April 2025,

10) the Medium-Term Financial Plan in respect of the Housing RevenueAccount as set out in Appendix 3 and 4 of the report be approved as theRevised Budget in respect of 2024/25, as the Original Budget in respect of2025/26, and the financial projection in respect of 2026/27 to 2028/29,

11) under spends in respect of 2024/25 to 2028/29 be transferred to theHRA Revenue Reserve.

CAPITAL PROGRAMME

12) the Capital Programme as set out in Appendix 5to the report be approved as the Revised Budget in respect of 2024/25, and as the Approved Programmefor 2025/26 to 2028/29.

Executive considered a detailed report, presented by Junior Cabinet Member Councillor Duncan Haywood, which sought Members approval of the current budget for 2024/25 and the proposed budget 2025/26, for the General Fund, Housingn Revenue Account and Capital Programme as part of the Council’s Medium-Term Financial Plan, covering the years 2024/25 to 2028/29. The report also provided an overview of the Council’s financial position in order to inform the decision-making process.

The Section 151 Officer referred Members to table one in the report which showed a shortfall in the General Fund of almost £1m in 2028/29, however, the Section 151 Officer noted she was confident that more income would have been received to cover this by 2028/29 and the shortfall would be zero. Council Tax would be increased by the maximum of 2.99% - this was assumed in all the Council’s grant figures, and housing rents by 2.7%, which was Government policy: CPI plus 1%.  As the cumulative effect of the rent increase took effect, this would make it easier in the HRA.8/29

Moved by Councillor Mary Dooley and seconded by Councillor John Ritchie

RESOLVED that: 1) all recommendations below be referred to the meeting of Council on 29^th January 2025;

2)    that in the view of the Section 151 Officer, that the estimates included in the Medium-Term Financial Plan 2024/25 to 2028/29, were robust and that the level of financial reserves whilst at minimum levels were adequate, be accepted,

3)    officers report back to Executive and to the Finance and Corporate Overview Scrutiny Committee on a quarterly basis regarding the overall position in respect of the Council’s budgets,

GENERAL FUND

4)    a Council Tax increase of £6.07 be levied in respect of a notional Band D property (2.99%),

5)    the Medium-Term Financial Plan in respect of the General Fund as set out in Appendix 1 of the report be approved as the Revised Budget 2024/25, as the Original Budget in respect of 2025/26, and the financial projection in respect of 2026/27 to 2028/29,

6)    any further under spend in respect of 2024/25 be transferred to the Council’s General Fund Reserves,

7)    on the basis that income from Planning Fees may exceed £0.500m in 2024/25, the Head of Paid Service, in consultation with the Leader, be granted delegated powers to authorise such additional resources as were necessary to effectively manage the resultant increase in workload.

HOUSING REVENUE ACCOUNT

8)    Council increases its rent levels by 2.7% to apply from 1^st April 2025,

9)    the increases in respect of other charges as outlined in Appendix 4 Table 1 of the report be implemented with effect from 1st April 2025,

10) the Medium-Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 and 4 of the report be approved as the Revised Budget in respect of 2024/25, as the Original Budget in respect of 2025/26, and the financial projection in respect of 2026/27 to 2028/29,

11) under spends in respect of 2024/25 to 2028/29 be  ...  view the full minutes text for item 73