Agenda item

(i)                  That the Revenue and Capital Budgets as detailed in this report and in the report to Cabinet dated 16 January 2024 be recommended to Full Council

 for approval.

(ii)                 That the updated Medium Term Financial Strategy 2024/25 to 2028/29

 (Appendix 2) be recommended to Full Council for approval.

(iii)                That the strategy for ensuring a balanced revenue outturn position for 2023/24 be approved.

(iv)                That the calculation of the Council Tax base and the Council Tax increase to be proposed for 2024/25 of 1.99% per Band D equivalent property be recommended to Full Council for approval.

(v)                 That the risk assessment at Appendix 3 and the Section 151 Officer’s recommendation on the level of reserves and contingencies provisionally required to be maintained in 2024/25 be recommended to Full Council for approval.

(vi)                That the Borough Growth Fund Priorities for 2024/25 be approved.

(vii)               That the Capital Strategy (Appendix 5) for 2024/34 be recommended to Full Council for approval.

(viii)              That the Treasury Management Strategy (Appendix 6) for 2024/25 be recommended to Full Council for approval.

(ix)                That the Investment Strategy (Appendix 7) for 2024/25 be recommended to Full Council for approval.

(x)                 That the Commercial Strategy (Appendix 8) for 2024/25 be recommended to Full Council for approval.

(xi)                That the Local Council Tax Reduction Scheme (Appendix 9) for 2024/25 be recommended to Full Council for approval.

(xii)              That the Council Tax Premiums Policy (Appendix 10) be recommended to Full Council for approval.

The Deputy Leader/Portfolio Holder for Finance, Town Centres and Growth presented the 2024/25 General Fund Revenue Budget and the 2024/25 Capital Programme to be presented to Full Council on 14 February.

This was an updated medium term financial strategy and the proposals to be recommended towards a balanced 2024/25 General Fund Revenue Budget along with the Capital Program for 2024/25 to 2025/26. It also included the flexible use of Capital Receipts Strategy (updated for 2023/24), the Capital Strategy for 2024/34, the Treasury Management Strategy for 2024/25, the Investment Strategy for 2024/25 and the Commercial Strategy for 2024/25 for approval by Full Council.

The Leader made reference to the Borough Growth Fund at paragraph 2.17, listing recommendations that would be put to Full Council on the 14^th February.

The Cabinet considered the report and expressed their agreement with the recommendations put forward.

The Portfolio Holder for Finance, Town Centres and Growth advised members of an additional £0.138m that had been received following the Local Government settlement. £0.100m would be put into the General Fund reserve and £0.038m would be put into a Small Repairs Fund. Recommendation (xiii) was added below in respect of this.

(i)               That the Revenue and Capital Budgets as detailed in this report and in the report to Cabinet dated 16 January 2024 be recommended to

 Full Council  for approval.

(ii)                That the updated Medium Term Financial Strategy 2024/25 to 2028/29  (Appendix 2) be recommended to Full Council for approval.

(iii)                That the strategy for ensuring a balanced revenue outturn position for 2023/24 be approved.

(iv)               That the calculation of the Council Tax base and the Council Tax increase to be proposed for 2024/25 of 1.99% per Band D equivalent property be recommended to Full Council for approval.

(v)                That the risk assessment at Appendix 3 and the Section 151 Officer’s recommendation on the level of reserves and contingencies provisionally required to be maintained in 2024/25 be recommended to Full Council for approval.

(vi)               That the Borough Growth Fund Priorities for 2024/25 be approved.

(vii)              That the Capital Strategy (Appendix 5) for 2024/34 be recommended to Full Council for approval.

(viii)             That the Treasury Management Strategy (Appendix 6) for 2024/25 be recommended to Full Council for approval.

(ix)               That the Investment Strategy (Appendix 7) for 2024/25 be recommended to Full Council for approval.

(x)                That the Commercial Strategy (Appendix 8) for 2024/25 be recommended to Full Council for approval.

(xi)               That the Local Council Tax Reduction Scheme (Appendix 9) for 2024/25 be recommended to Full Council for approval.

(xii)              That the Council Tax Premiums Policy (Appendix 10) be recommended to Full Council for approval.

(xiii)             That the additional minimum funding guarantee of £0.138m, announced in the final local Government Settlement for 2024/25 be utilised as follows:

-       £0.100m be transferred to the General Fund Reserve in order to

further enhance the Council’s financial resilience and financial

sustainability, as per the recommendation of the Value for Money element of the external auditors Annual Report for 2022/23.

-       That a Small Repairs Fund be established with a balance of

£0.038m, and that this fund be utilised for repairs to Council owned footpaths, structures and playgrounds.

Watch the debate here