Agenda item

(A report by Christine Marshall, Deputy Chief Executive – Corporate Development & Section 151)

Portfolio Holder: Cllr Jonathan Noble                    

The Portfolio Holder – Finance presented a report which set out details of the 2023/24 General Fund Annual Budget, the 5 year Medium Term Financial Strategies (MTFS) from 2023/24 to 2027/28, Capital Programme, Capital Strategy, Treasury Management Strategy, Minimum Revenue Provision Policy and Annual Investment Strategy and Annual Delivery Plan.

The Portfolio Holder - Finance explained that the budget was being set within a background of unprecedented inflationary pressures and significant changes in resident, customer and business needs. Despite these challenges the Councils financial position meant that it would be well placed and be able take a considered approach to mitigating these exceptional challenges. In addition, the Council had been and continued to be successful in drawing in significant capital and revenue investment for the area.

The Budget had previously been through a budget consultation process with the public and Elected Members, draft budget proposals were subject to review by Audit & Governance on 30^th January 2023 and Corporate & Community on 2^nd February 2023. The Treasury Management Strategy was also presented to Audit and Governance Committee on 30^th January and had been updated to reflect the final budget accompanying this report.

Following Members comments relating to the increase of Council Tax the Chief Executive reminded the Cabinet that the recommendations were to support the report going to Full Council, were it would be considered and debated on by all Members of the Council. The Deputy Leader explained that the Council had a legal obligation to have a balanced budget.

The Cabinet were in agreement that the work carried out by the Finance team had been phenomenal.

RESOLVED:

That Cabinet approve the following recommendations for onward referral to Full Council on 6^th March 2023:

1. The Revenue Estimates for the General Fund for 2023/24 (Appendices 1, 1a and 1b) be approved
2. That the Council Tax for a Band A property in 2023/24 be set at £139.36 (£4.02 per annum increase on 2022/23 levels) and band D £208.89 for 2023/24 (a £6.03 per annum increase on 2022/24 levels).
3. That the Boston Town Area Committee (BTAC) for a Band A property be set at £52.92 for 2023/24, (previously £50.91 in 2022/23) and Band D (£79.38 for 2023/24, (previously £76.36 in 2022/23).
4. The additions to and use of reserves (as detailed at Appendix 1) be approved.
5. The Medium Term Financial Strategy (at Appendix 1) be approved.
6. The Capital Programme and Capital Strategy (Appendices 1 & 2) be approved.
7. The Treasury Management Policy 2023/24 (Appendix 3a) and Treasury Management Strategy, including the Minimum Revenue Provision Policy and Annual Investment Strategy 2023/24 (Appendix 3b) be approved.
8. The Annual Delivery Plan for 2023/24 (Appendix 4) be approved.
9. That Full Council delegated approval to the Deputy Chief Executive Corporate Development (S151), to account as required for any s31 grant and reserve transactions required in respect of the Collection Fund. 
10. That delegated authority be given to the Deputy Chief Executive Corporate Development (S151), in consultation with The Portfolio Holder – Finance, to make any necessary amendments to the budget prior to the Council due to late notification.
11. Notes the results of the Budget Consultation process at Appendix 5.