Purpose

To recommend to Council the proposed 2024/25
revenue budget, Medium Term Financial Strategy and the Treasury
Management Strategy

Decision

 That Cabinet recommend to Council for approval:
 

a)   
the council tax base of 71,999.97 Band D equivalents in
2024/25;

 

b)   
an increase in core council tax for 2024/25 of
2.99%;

 

c)   
an additional precept in respect of adult social care
costs of 2% applied to council tax in 2024/25 resulting in a total
council tax increase of 4.99%, increasing the band D charge from
£1,786.61 to £1,875.76 for Herefordshire Council in
2024/25;

 

d)   
the balanced 2024/25 revenue budget proposal totalling
£207.7 million, subject to any amendments approved at the
meeting, specifically the net spending limits for each directorate
as at appendix C;

 

e)   
delegates to the section 151 officer the power to make
necessary changes to the budget arising from any variations in
central government funding allocations via general
reserves;

 

f)     
the allocation of additional funding of
£2.5 million announced in the Local Government Settlement in
December 2023 to support strategic housing (£1.0 million), to
reverse planned parking charge increases (£400k), an
allocation of £300k to the Leominster Heritage Action Zone,
removal of proposed savings in Community Wellbeing to reduce
library hours (£55k), £56k to provide funding officer
resource to identify external funding opportunities, £200k of
funding to support the community and voluntary sector across
Herefordshire and a £500k transfer to the Financial
Resilience Reserve.

 

g)   
the Medium Term Financial Strategy (MTFS) 2024/25 to
2027/28 at appendix A be approved;

 

h)   
the Treasury Management Strategy at appendix D be
approved; and

 

i)     
the responses to scrutiny committee recommendations to
follow in a supplementary paper to be approved;

 

j)     
following the announcement by Government
on 24 January of additional measures for local authorities, the
allocation of £1,835k additional Social Care Grant to a
Social Care Resilience Reserve and £945k increase in Rural
Services Grant to provide additional funding for the lengthsman scheme (£250k), additional funding
for drainage works across the county (£445k) and improvements
to Public Rights of Way (£250k).