Purpose

To agree the Revenue Budget for the 2024/25 year

Decision

RESOLVED:

 

That Cabinet recommends to
Council that it:

 

1)
Notes the details of the Autumn Statement 2023 and Provisional Local Government
Finance Settlement as outlined in sections 4.3 and 4.4 of the report;

 

2)
Notes the Government’s expectations about Council Tax levels for 2024-25 in
section 4.5 of the report;

 

3)
Approves the precepts as outlined in section 4.5 and Appendix Four of the
report;

 

4)
Approves that billing authorities are informed of Council Tax levels arising
from the budget proposals as outlined in section 4.5 and Appendix Four of the
report;

 

5)
Approves the contingency to cover non-standard inflation as outlined in section
4.7 of the report, and the contingency be allocated by the Director of Finance
& ICT, as S151 Officer, once non-standard inflation
has been agreed;

 

6)
Approves the service pressure items identified in section 4.8 and Appendix Five
of the report;

         

7)
Approves the increase to budgets for undeliverable prior year savings proposals
as outlined in section 4.9 of the report;

 

8)
Approves the level and allocation of budget savings as outlined in section 4.10
and Appendix Six of the report;

 

9)
Notes the comments of the Director of Finance & ICT, as S151 Officer, about
the robustness of the estimates and adequacy of the reserves as outlined in
section 4.11 of the report;

 

10)
Notes the details of the Council’s consultation activity as outlined in section
5 of the report;

 

11)
Approves the Council Tax requirement of £410,111,128 which is calculated as
follows:

 

£

 

Budget Before Non-Inflationary Pressures and
Budget Reductions
 


705,047,178




Plus Service Pressures – ongoing


6,391,000




Plus Adult Social Care Precept


7,816,432




Plus Service Pressures - one-off


17,287,000




Less Budget Reductions


-40,068,000




Increase in Debt Charges - ongoing


9,845,000




Increase in Debt Charges – one-off


1,423,000




Increase in Risk Management Budget


6,111,671




Decrease in Interest and Dividend Receipts


                 916,000




 
Net Budget Requirement


 
714,769,281
 




Less Top-Up


-101,908,989




Less Business Rates


-18,418,000




Less Revenue Support Grant


-16,755,184




Less New Homes Bonus


-843,359




Less General Grant


-135,023,210




Less PFI Grant


-10,503,833




Less Use of Earmarked Reserves
 


           -21,205,578




Balance to be met from
Council Tax


         
410,111,128

 

 

12)
Approves the use of the Revenue Contributions to the Capital Expenditure
Earmarked Reserve to provide one-off support to the 2024-25 Revenue Budget; and

 

13)
Authorises the Director of Finance & ICT, as S151 Officer, to allocate cash
limits amongst Cabinet portfolios and the Executive Directors will then report
to Cabinet on the revised Service Plans for 2024-25.