Decision details

The Executive considered a report in respect of the Council’s draft General Fund, Council Tax Support Scheme and draft proposals for the 2024/25 Council Tax.

It was RESOLVED:

1.          That the 2023/24 revised net expenditure on the General Fund of £13,272,960 be approved, as set out in Paragraph 4.10.1 of the report.

2.          That the draft General Fund Budget for 2024/25 of £11,427,090 be proposed for consultation purposes, with a contribution from balances of £50,494 and a Band D Council Tax of £239.26 (assuming a 2.99% increase).

3.          That the updated position on the General Fund Medium Term Financial Strategy (MTFS), as summarised in Section 4.12 of the report, be noted.

4.          That the minimum level of General Fund reserves of £3,537,794, in line with the 2024/25 risk assessment of balances, as shown at Appendix C to the report, be approved.

5.          That the contingency sum of £400,000 within which the Executive can approve supplementary estimates, be approved for 2024/25 (reflecting the level of balances available above the minimum amount).

6.          That the 2024/25 Balancing the Budget options, as set out in Section 4.7 and Appendix A to the report, totalling £1,223,852 and £95,063 for the General Fund and Housing Revenue Account (HRA) respectively, be included into the Council’s budget setting processes for consideration by the Overview & Scrutiny Committee.

7.          That the events options, as set out in Paragraph 4.7.4 of the report, be approved for 2024/25.

8.          That the Growth options included in Section 4.8 of the report be approved for inclusion in the 2024/25 General Fund (£167,120) and HRA (£47,265) budgets.

9.          That the pressures identified in Sections 4.2 and 4.9 of the report be noted.

10.      That the use of £200,000 of Business Rates in the base budget be approved, and any gains above that be used only once realised, and be ring fenced for use to maintain the Council’s financial resilience.

11.      That the use of ‘pooling gains’ of £220,000, as set out in Paragraph 4.4.7 of the report, be approved.

12.      That the decisions taken on Resolutions 2 – 11 above be referred to the Overview and Scrutiny Committee for consideration, in accordance with the Budget and Policy Framework Rules in the Council’s Constitution.

13.      That the Equalities Impact Assessment appended to the report in Appendix D be noted.

14.      That key partners and other stakeholders be consulted and their views considered as part of the 2024/25 budget setting process.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.