Agenda item

RESOLVED that all recommendations below be referred to Council on 31st January 2024;

1) that in the view of the Section 151 Officer, the estimates included in the Medium-Term Financial Plan 2023/24 to 2027/28, are robust and that the level of financial reserves, whilst at minimum levels are adequate, be accepted,

2) that 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

1. A Council Tax increase of £5.89 is levied in respect of a notional Band D property (2.99%).

2. The Medium-Term Financial Plan in respect of the General Fund as set out in Appendix 1 to the report be approved as the Revised Budget 2023/24, as the Original Budget in respect of 2024/25, and the financial projection in respect of 2025/26 to 2027/28.

3. That any further under spend in respect of 2023/24 is transferred to the Council’s General Fund Reserves.

4. On the basis that income from Planning Fees may exceed £0.500m in 2023/24, the Head of Paid Service, in consultation with the Leader, is granted delegated powers to authorise such additional resources as necessary to effectively manage the resultant increase in workload.

HOUSING REVENUE ACCOUNT

1. That Council increases its rent levels by 7.7% to apply from 1^st April 2024.

2. That the increases in respect of other charges as outlined in Appendix 4, Table 1 to the report be implemented with effect from 1^st April 2024.

3. The Medium-Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 and 4 to the report be approved as the Revised Budget in respect of 2023/24, as the Original Budget in respect of 2024/25, and the financial projection in respect of 2025/26 to 2027/28.

4. That under spends in respect of 2023/24 to 2027/28 are transferred to the HRA Revenue Reserve.

CAPITAL PROGRAMME

1. That the Capital Programme as set out in Appendix 5 to the report be approved as the Revised Budget in respect of 2023/24, and as the Approved Programme for 2024/25 to 2027/28.

Executive considered a report in relation to the current budget for 2023/24 and the proposed budget 2024/25, for the General Fund, Housing Revenue Account and Capital Programme, as part of the Council’s Medium Term Financial Plan covering the years 2023/24 to 2027/28.

The report provided an overview of the Council’s financial position in order to inform the decision-making process.  In particular financial projections were provided for:

·       2023/24 Current Budget Position: this was the current year budget, revised to take account of changes during the financial year ending 31^st March 2024.

·       2024/25 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 2024.

·       2024/25 Original Budget: this included proposed increases to rents and fees and charges for the next financial year for the Housing Revenue Account.

·       2025/26 to 2027/28 Financial Plan: In accordance with good practice the Council agreed its annual budgets within the context of a Medium-Term Financial Plan (MTFP). This included financial projections in respect of the next three financial years.

Moved by Councillor Clive Moesby and seconded by Councillor Duncan McGregor

RECOMMENDED that, at its meeting on 31st January 2024, Council consider and approve the following;

1            That in the view of the Section 151 Officer, the estimates included in the Medium-Term Financial Plan 2023/24 to 2027/28 are robust and that the level of financial reserves whilst at minimum levels are adequate, be accepted.

2            That 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

3            A Council Tax increase of £5.89 is levied in respect of a notional Band D property (2.99%).

4            The Medium-Term Financial Plan in respect of the General Fund as set out in Appendix 1 of this report be approved as the Revised Budget 2023/24, as the Original Budget in respect of 2024/25, and the financial projection in respect of 2025/26 to 2027/28.

5            That any further under spend in respect of 2023/24 is transferred to the Council’s General Fund Reserves.

6            On the basis that income from Planning Fees may exceed £0.500m in 2023/24, the Head of Paid Service in consultation with the Leader be granted delegated powers to authorise such additional resources as are necessary to effectively manage the resultant increase in workload.

HOUSING REVENUE ACCOUNT

7            That Council increases its rent levels by 7.7% to apply from 1^st April 2024.

8            That the increases in respect of other charges as outlined in Appendix 4 Table 1 be implemented with effect from 1^st April 2024.

9            The Medium-Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 and 4 of this report be approved as the Revised Budget in respect of 2023/24, as the Original Budget in respect of 2024/25, and the financial projection in respect of 2025/26 to 2027/28.

10         That under spends in respect of 2023/24 to 2027/28 are transferred to the HRA Revenue Reserve.

CAPITAL PROGRAMME

11         That the Capital Programme as set out in Appendix 5 be approved as the Revised Budget in respect of 2023/24, and as the Approved Programme for 2024/25 to 2027/28.

Reasons for Recommendation

The report presented a budget for approval by Council. It sought to ensure approval to budgets in respect of the General Fund, the Housing Revenue Account, and the Capital Programme.

Alternative Options and Reasons for Rejection

Alternative options were considered throughout the report