Issue - meetings

The Chief Finance Officer to present a report which asks Executive to recommend to Council the financial strategy for 2023/24 to 2027/28, including detailed revenue budget proposals for 2023/24.

Recommended:  (i)      That Council approve the budget proposals outlined in the report and annexes; in particular:

a)   The net revenue expenditure requirement of £141.624m;

b)   A council tax requirement of £107.783m;

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

d)   The 2023/24 revenue savings proposals as outlined in Annex 2;

e)   The fees and charges proposals as outlined in Annex 3;

f)     The consultation feedback as set out in Annex 4;

g)   The Housing Revenue Account (HRA) savings proposals set out in Annex 6 and the HRA 2023/24 budget set out in Annex 7;

h)   The dedicated schools grant proposals outlined from paragraph 186, including option 1 for allocating 3 & 4 year old early years funding to providers;

i)     The use of £1m from reserves to fund one off investment, as outlined in paragraph 87.

Reason:     To ensure that a legally balanced budget is set.

[See also under Part A]

The Chief Finance Officer presented a report which asked Executive to recommend to Council the financial strategy for 2023/24 to 2027/28, including detailed revenue budget proposals for 2023/24.  The report also sought Executive approval for increases to the council tax premium for second homes and tosocial housing rents, in line with government legislation.

The strategy would deliver a balanced budget for 2023/24, with savings proposals totalling £5.5m.  Overall, £19m additional revenue funding would be added to the budget to meet continuing pressures on adult social care and children’s services and maintain progress on the objectives of the Council Plan.  The proposals were predicated on a basic council tax increase of 2.99% in 2023/24, plus an additional increase of 2% in line with the government’s social care precept.  The net revenue budget of £141.624m would be funded by council tax income of £107.783m and retained business rates of£33.841m. 

The report included statutory advice from the s151 Officer, at paragraphs 249-271.  A summary of the budget expenditure and savings proposals was provided in Annexes 1 and 2, with HRA growth and savings proposals in Annexes 6 and 7.  Results of consultation, in which 573 residents and businesses had participated, were set out in Annex 4.

In supporting the proposals, the Chair highlighted the challenging national context in which they had been produced, the importance of stabilising the council’s finances and protecting vital services, and the need for government to address the issue of long-term funding.  He thanked the Finance team for their work, and residents for their engagement in the consultation process.  The Executive Member for Finance & Major Projects echoed those comments and expressed concerns regarding inequalities in funding for local authorities and the council tax system.

Recommended:  (i)      That Council approve the budget proposals outlined in the report and annexes; in particular:

a)   The net revenue expenditure requirement of £141.624m;

b)   A council tax requirement of £107.783m;

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

d)   The 2023/24 revenue savings proposals as outlined in Annex 2;

e)   The fees and charges proposals as outlined in Annex 3;

f)     The consultation feedback as set out in Annex 4;

g)   The Housing Revenue Account (HRA) savings proposals set out in Annex 6 and the HRA 2023/24 budget set out in Annex 7;

h)   The dedicated schools grant proposals outlined from paragraph 186, including option 1 for allocating 3 & 4 year old early years funding to providers;

i)     The use of £1m from reserves to fund one off investment, as outlined in paragraph 87.

Reason:     To ensure that a legally balanced budget is set.