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RESOLVED
 
Council is recommended at its meeting on 29 January
2024
 

(1)          
That the view of the Director of Finance &
Resources, that the estimates included in the Medium-Term Financial
Plan 2023/24 to 2027/28 are robust and that the level of financial
reserves are adequate at this time, be accepted.

 

(2)          
That officers report back to Cabinet and the
Services Scrutiny Committee on a quarterly basis regarding the overall position in respect of the
Council’s budgets.
 
General Fund
 

(3)          
That a Council Tax increase of £6.11 will be
levied in respect of a notional Band D property (2.99%).

 

(4)          
That the Medium-Term Financial Plan in respect of
the General Fund as set out in Appendix 1 to the report be
approved as the Current Budget 2023/24, as the Original
Budget2024/25, and as the financial projections in respect of
2025/26 to 2027/28.

 

(5)          
That the shortfall in the General Fund budget for
2024/25 as set out in Appendix 1 to the report be met from
the Resilience Reserve.

 

(6)          
That the General Fund Capital Programme as set out
in Appendix 4 to the report be approved as the Current
Budget in respect of 2023/24, and as the Approved Programme for
2024/25 to 2027/28.

 

(7)          
That any under spend in respect of 2023/24 be
transferred to the Resilience Reserve to provide increased
financial resilience for future years of the plan.
 
Housing Revenue Account (HRA)
 

(8)           
That Council sets its rent levels for 2024/25 in
consideration of the Social Housing Rent Standard increasing rents
by 6% from 1April 2024.

 

(9)           
That the Medium-Term Financial Plan in respect of
the Housing Revenue Account, as set out in Appendix 3 to the
report, be approved as the Current Budget in respect of 2023/24, as
the Original Budget in respect of 2024/25, and the financial
projection in respect of 2025/26 to 2027/28.

 

(10)       
That the HRA Capital Programme as set out in
Appendix 4 be approved as the Current Budget in respect of
2023/24, and as the Approved Programme for 2024/25 to
2027/28.
 

(11)       
That the Management Fee for undertaking housing
services at £12.05m and the Management Fee for undertaking
capital works at £1.1m to Rykneld Homes in respect of 2024/25
be approved.

 

(12)       
That Members endorse the section in the financial
framework within the Management Agreement which enables the Council
to pay temporary cash advances to Rykneld Homes to help meet the
cash flow requirements of the company should unforeseen
circumstances arise in any particular month.

 

(13)       
That Members note the requirement to provide Rykneld
Homes with a ‘letter of
comfort’to the company’s auditors
and grant delegated authority to the Council’s
Director of Finance & Resources (S151 Officer)
in consultation with the Leader of the Council to agree the
contents of that letter.
 
REASONS FOR DECISION - To recommend
budgets to Council in respect of the General Fund, the Housing
Revenue Account, and the Capital Programme.
 
OTHER OPTIONS CONSIDERED AND REJECTED -
The Council is required to set a budget each year. There are no
alternative options were considered at this time.
 
Please note that this was not a Key Decision and so can be
implemented with immediate effect by officers.