Agenda item

Executive’s approval was sought for the proposed budget 2023/24, 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 2026/27.

The detailed report provided Members with an overview of the Council’s financial position in order to inform the decision making process.  Any recommendations agreed by Executive would be referred to Council on 1st February 2023, for Members’ consideration and approval.

In particular, financial projections were provided for

·           2022/23 Current Budget Position – this was the current year budget, revised to take account of changes during the financial year that would end on 31^st March 2023.

·           2023/24 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 2023.

·           2023/24 Original Budget, this included proposed increases to rents and fees and charges for the next financial year for the Housing Revenue Account.

·           2024/25 to 2026/27 Financial Plan – In accordance with good practice the Council agrees 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 Sandra Peake

RECOMMENDED that Council approve:

1          that in the view of the Chief Financial Officer, that the estimates included in the Medium Term Financial Plan 2023/24 to 2026/27, 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 Audit and Corporate Overview Scrutiny Committee on a quarterly basis regarding the overall position in respect of the Council’s budgets.  These reports to include updates on achieving savings and efficiencies for 2023/24 and future years,

GENERAL FUND

3          a Council Tax increase of £5.72 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 the report be approved as the Revised Budget 2022/23, as the Original Budget in respect of 2023/24, and the financial projection in respect of 2024/25 to 2026/27,

5          that any further under spend in respect of 2022/23 is transferred to the Council’s General Fund Reserves,

6          on the basis that income from Planning Fees may exceed £0.500m in 2022/23, 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 5% to apply from 1^st April 2023,

8          that the increases in respect of other charges as outlined in Appendix 3 Table 1 to the report be implemented with effect from, 1^st April 2023,

9          the Medium Term Financial Plan in respect of the Housing Revenue Account as set out in Appendix 3 to the report be approved as the Revised Budget in respect of 2022/23, as the Original Budget in respect of 2023/24, and the financial projection in respect of 2024/25 to 2026/27,

10       that under spends in respect of 2022/23 to 2026/27 are transferred to the HRA Revenue Reserve,

CAPITAL PROGRAMME

11       that the Capital Programme as set out in Appendix 4 to the report be approved as the Revised Budget in respect of 2022/23, and as the Approved Programme for 2023/24 to 2026/27,

12       that the Assistant Director of Property Services and Housing Repairs be granted delegated powers in consultation with the Portfolio Member and the Asset Management group to approve the utilisation of the £260,000 of AMP Refurbishment Work allocation, with such approvals to be reported back to Executive through the Quarterly Budget Monitoring Report.

(Governance & Civic Manager/Section 151 Officer)

Reasons for Recommendation

The report presents a budget for approval by Council.  It seeks 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 are considered throughout the report.