Decision details

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

It was RESOLVED that the following proposals be recommended to Council on 21 February 2024:

1.          That the 2023/24 revised net expenditure on the General Fund of £13,571,480 be approved, as set out in Paragraph 4.10.1 of the report.

2.          That the draft General Fund Budget for 2024/25 of £12,762,310 be approved, with no contribution from balances and a Band D Council Tax of £239.26 (assuming a 2.99% Council Tax increase), and as summarised in Appendix G to the report.

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 approved.

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 4.4.9 of the report, be approved.

12.      That the comments of the Overview and Scrutiny Committee, as set out in Section 4.16 of the report, be noted.

13.      That the Equalities Impact Assessment appended to the report at 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.