Decision details

Purpose of Report: To present the Financial Strategy, including detailed revenue budget proposals.

Members will be asked: To recommend the proposals to full Council

Recommended:

                      i.         That Council approve the budget proposals as outlined in this report. In particular;

a)   The net revenue expenditure requirement of £149.268m;

b)   A council tax requirement of £113.927m.

c)   The revenue growth proposals as outlined in the body of the report.

d)   The 2024/25 revenue savings proposals as outlined in annex 2.

e)   The fees and charges proposals as outlined in annex 3.

f)     The Housing Revenue Account (HRA) 24/25 budget set out in annex 5.

g)   The Dedicated Schools Grant (DSG) proposals outlined from paragraph 139.

                     ii.         That Council approve a 4.99% increase in the City of York element of the council tax, 2% of which would relate to the social care precept. It is intended that the total council tax increase including the parish, police and fire authority precepts;

                    iii.        That Council approve the 100% increase in council tax

on second homes with effect from 1st April 2025 subject to the Levelling Up bill receive Royal Assent by 31st March 2024, as set out in paragraphs 75 to 77.

Reason:     To ensure a legally balanced budget is set.

                   iv.        That Council approve the average rent increase of 7.7% to be applied to all rents for 2024/25.

Reason:     To ensure the ongoing financial stability of the Housing Revenue Account and allow work on improving the quality of the council’s affordable housing to continue.