Agenda item

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

Please note that in accordance with The Local Authorities (Standing Orders) (England) (Amendment) Regulations 2014, a recorded vote will be taken on Budget recommendations.

(Members are reminded that if they are two months or more in arrears, they must disclose the fact and not vote on any item to set tax or any decision which may affect its calculation).

The Portfolio Holder – Finance presented a report by the Deputy Chief Executive Corporate Development (S151), setting out the final detail of Council’s proposed Annual Budget Report 2024/25, five year Medium Term Financial Strategy from 2024/25 to 2028/29, Capital Programme, Capital Strategy, Treasury Management Strategy, Minimum Revenue Provision Policy and Annual Investment Strategy, and Annual Delivery Plan for 2024/25.

The report also included the recommended level of Council Tax for 2024/25 taking into account pressures including that of the Internal Drainage Board (IDB) levy.

The final budget included efficiencies that had been identified to support the short and medium term financial strategy (MTFS) and the remaining efficiency target still to be achieved against which a plan of activity had been developed.

During the debate the following comments were made;

·         The Portfolio Holder and Officers were thanked and commended and for managing to produce a balanced budget for the upcoming year.

·         Members were encouraged to learn that the Public Works Loan Board (PWLB) loan had been paid off, and were assured that the State Street was being closely monitored.

·         Members discussed matters such as the internal drainage boards levies, income being used for pension strain, homelessness in the area, children living in poverty, the increase in internal audit fees, the decline in car parking income and the use of reserves.

·         Suggestions were made for the Council to focus more on new commercial opportunities in respect of increasing or bringing in new revenues / revenue streams through sponsorships, partnerships and other opportunities by working with the communities and businesses of the borough.

·         Comments were made in respect of the vacancies within the authority and the effect on employees’ budget.

·         Members noted that the Pay Policy Statement would be reported to another Full Council meeting as additional legal advice was required before a report could be submitted.

The recommendations were moved by Councillor Sandeep Ghosh and seconded by Councillor Anne Dorrian.

RESOLVED

1.         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;

2.         That the 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;

3.         That the BTAC special expenses for a Band D property be set at £80.37 for 2024/25, (previously £79.38 in 2023/24);

4.         That the additions to and use of reserves for specific schemes (as detailed at Appendix 1) be approved;

5.         That Council re-affirmed its previous decision in respect of long-term empty properties, as set out in paragraph 4.8 of Appendix 1 within the report, and makes a determination for the introduction of the premium for substantially furnished with no resident (second homes), to be introduced at the earliest point, 1 April 2025;

6.         That the Medium Term Financial Strategy (at Appendix 1) be approved;

7.         That the Capital Programme and Capital Strategy (Appendices 1, 1c and 2) be approved;

8.         That the Treasury Management Policy 2024/25 (Appendix 3a) and Treasury Management Strategy, including the Minimum Revenue Provision Policy and Annual Investment Strategy 2024/25 (Appendix 3b) be approved;

9.         That the proposed Fees and charges as set out in Appendix 4 be approved, and the application of annual RPI uplifts for all fees and charges be approved, where applicable;

10.      That the Annual Delivery Plan for 2024/25 (Appendix 5) be approved;

11.      That the results of the Budget Consultation process at Appendix 6 be noted; and

12.      That the alignment of constitutional financial limits across the partnership (Appendix 7) be approved.