Issue - meetings
Annual Budget Report 2024/25 Medium Term Financial Strategy, Capital Programme, Capital Strategy and Council Tax
Meeting: 21/02/2024 - Cabinet (Item 135)
(A report of Christine Marshall, Deputy Chief Executive – Corporate Development & Section 151 Officer)
Portfolio Holder: Councillor Sandeep Ghosh
Additional documents:
- Appendix 1 - Budget Setting Report 2024-25, item 135
PDF 529 KB
- Appendix 1A - MTFS by Account 2024-25, item 135
PDF 63 KB
- Appendix 1B - MTFS by AD 2024-25, item 135
PDF 66 KB
- Appendix 1C - Capital Programme, item 135
PDF 105 KB
- Appendix 2 - Capital Strategy 2024-25, item 135
PDF 231 KB
- Appendix 4 - SELCP Annual Delivery Plan 2024/25, item 135
PDF 1 MB
- Appendix 5 - Results of the Budget Consultation process, item 135
PDF 169 KB
- Appendix 6 - Fees and Charges 2024-25, item 135
PDF 585 KB
- Appendix 7 - Potential constitutional changes, item 135
PDF 55 KB
Minutes:
The Portfolio Holder – Finance presented the Annual Budget report 2024/25, Medium Term Financial Strategy, Capital Programme and Capital Strategy, and Annual Delivery Plan. The report also included the recommended level of Council Tax for 2024/25 taking into account pressures including that of the Internal Drainage Board Levy.
The budget had been set against a backdrop of unprecedented inflationary pressures and significant changes in respect of resident, customer and business needs.
Cabinet thanked the Portfolio Holder and the Finance Team for their hard work in creating the budget and for the ongoing work from officers on the IDB levy pressures.
In response to Members questions the Portfolio Holder – Finance, with support from the Deputy Chief Executive – Corporate Development & Section 151 Officer, confirmed that;
- The Government’s funding towards Internal Drainage Board Levies may contribute towards the IDB related efficiency saving requirement. The remainder of the efficiencies would be identified through efficiencies, better procurement and service area reviews across the partnership.
- The Council had not yet been informed when or how much of the £3million funding it would be receiving.
- External Audit contract fees had raised significantly as a result of national contracts rising.
- PSPS contract fees had raised due to uplift in costs in line with inflation and staff pay increases.
- Price raises, such as parking prices, would be reviewed periodically to ensure they are appropriate.
The committee discussed the issue of the poor level of consultation responses.
RESOLVED:
That the following recommendations be approved for onward referral to Full Council on 4th March 2024;
- That the Revenue Estimates for the General Fund and Medium Term Financial Strategy for the period 2024/25 – 2028/29 (Appendices 1, 1a and 1b) be approved;
- That Council Tax for a band D property in 2024/25 be set at £216.09 (a £7.20 per annum increase on 2023/24 levels) be approved;
- That the additions to and use of reserves (as detailed at Appendix 1) for specific schemes be approved;
- That the Medium Term Financial Strategy (at Appendix 1) be approved;
- That the Capital Programme and Capital Strategy (Appendices 1 and 2) be approved;
- That the proposed Fees and Charges as set out in Appendix 4 be approved;
- That the Annual Delivery Plan for 2024/25 (Appendix 5) be approved;
- That the results of the Budget Consultation process at Appendix 6 be noted;
- That the alignment of constitutional financial limits across the partnership (Appendix 7) be approved; and
- That Council reaffirms its previous decision in respect of long term empty properties determined in Appendix 1 and makes a determination for the introduction of the premium for substantially furnished with no residents (second homes), be introduced as the earliest point – 1st April 2025.