Decision

It was RESOLVED: -

1. 1.1          That the General Fund Budget proposals for 2024/25 and four-year outlook set out in the report for both the revenue and capital budgets and the level of reserves be endorsed for recommendation to Council on 20 February 2024.
2. 1.2          That the General Fund Budget for 2024/25 presented in this report assumes an increase in the Band D Council Tax of 2.99% for endorsement for recommendation to Council.
3. 1.3          That three budget items were updated in the tabled papers for financing costs (see paragraph 5.10 of the report), costs arising from likely regulatory changes in accounting for loan impairments (paragraph 5.13 of the report) and final grant income figures from central government (paragraph 5.18 of the report) and endorsed to Council.
4. 1.4          That the Cabinet considered options for balancing the budget for endorsement and recommendation to Council as set out in the tabled papers.
5. 1.5          That the new income bands and contribution rates for the 100% Local Council Tax Reduction (Working Age) Scheme, as set out in 5.27 of the report, are endorsed for recommendation to Council.
6. 1.6          That Cabinet endorses for recommendation to Council:

a.  The options for balancing the budget as detailed in Table 3 of the tabled papers.

b.  The creation of Expected Credit Loss Reserve of £937,850 as explained in paragraphs 3.4 to 3.12 in the tabled papers. 

c.   The creation of a Financial Sustainability Reserve of £1,341,640 as proposed in paragraph 4.3 in the tabled papers.

REASON FOR DECISION

To bring together all the relevant information to enable Cabinet Members to review, consider and comment upon the Council’s General Fund budget for endorsement and recommendation to Council.

Alternative Options Considered and Rejected:

Setting a balanced budget is a statutory requirement: the budget figures presented in this report currently show a gap between forecast expenditure and income which needs to be resolved. Options for balancing the budget will be tabled at Cabinet for its consideration.

Any Declarations of Interests Declared: None

Any Dispensation Granted: None