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It is recommended that Cabinet approves the
Draft Budget 2024/25 including all appendices and it be forwarded
to Full Council on 20 February 2024 for consideration and approval
with the following specific recommendations:-
 
(1)     That it be noted that the
Council Tax Base was agreed at Full Council on 12th December
2023;
 
(2)     That it be noted that the
Council Tax Support Scheme was approved at Full Council on 12th
December 2023;
 
(3)     That it be noted that Housing
Rents and Service Charges were uplifted by Full Council on 12th
December 2023;
 
(4)     That the report of the Section
151 Officer, included at paragraphs 2.4.1 to 2.4.20, as required
under Section 25 of the Local Government Act 2003 on the robustness
of the estimates made for the purposes of the budget calculations
and adequacy of proposed financial reserves be noted;
 
(5)     That it be recommended that
Council approve the Medium Term Financial Strategy at Appendix A
which incorporates the following recommendations:
 
a.      Approve the MTFS and
embedded MTFP as an estimate of the Council’s current
financial position at January 2024;
b.      Approve the Guiding
Principles as framework for financial planning for the period of
the MTFS;
c.      Approve the Capital
Planning Principles to guide the preparation of the Capital
Programme in the years ahead;
d.      Note the planned
development of the Transformation Programme to date and through
2024/25 and endorse the extension of the transformational approach
to other services of the Council;
e.      Note the Budget Timetable
set out in this report;
f.       Approve the
submission to DLUHC of a proposal to employ flexible use of capital
receipts in financial year 2024/25 and to delegate the amendment
and final approval of this proposal to the Portfolio Holder for
Finance and Interim Director of Finance together with the Assistant
Chief Executive;
g.      Approve the onward
submission of the Winter 2024 update of the MTFS to the next
meeting of Full Council;
h.      Approve the adjustments to
fees and charges as set out in Annex 12;
i.       Approve the savings
proposals set out at Annex 5.
 
(6)     It be recommended that an
increase of 2.99% in the level of general council tax for 2024/25
be approved;
 
(7)     It be recommended that an
increase of 2.00% in the level of Adult Social Care precept for
2024/25 be approved;
 
(8)     That it be recommended Council
approve the General Fund Budget net budget of £333.008m at
Appendix B, including the proposed total increase of Council Tax
for Sandwell Metropolitan Borough Council of 4.99%, in accordance
with the Council Tax Referendum Principles as set by Government for
2024/25.
 
(9)     That the Council Tax amounts by
Band at Appendix C be noted pending final notifications of precept
amounts by the Office of the Policy and Crime Commissioner and the
Fire Authority with formal ratification to be presented as part of
the Council Tax Resolution on 20th February 2024.
 
(10)   That it be recommended that Council approve
the report at Appendix D on the Dedicated Schools Grant and Schools
funding which incorporates the following recommendations such that
Council:
 
a.      adopt the minimum
transition option for calculating schools funding in 2024/25;
b.      approve the Growth Funding
at £1.60m in 2024/25;
c.      approve the introduction
of a Falling Rolls Fund in 2024/25;
d.      approve the transfer of
£0.512m funding from the Schools Block to the Central Schools
Services Block (CSSB) to fund the attendance service;
e.      approve the CSSB,
De-delegated and Education Function proposals as set out in Annex A
(with the exception of Schools in Financial Difficulty);
f.       adopt the allocation
by block per paragraph 5 of that Appendix; and
g.      note the details of the
Schools Funding Settlement.
 
 
(11)   That it be recommended that Council approve
the General Fund Capital Programme at Appendix E;
 
(12)   That it be recommended that Council approve
the Housing Revenue Account and HRA Capital Programme at Appendix F
including:
 
a.      Noting that Full Council
on 12th December 2023 approved recommendations of the report
entitled ‘The review of council tenants rents and housing
related property charges’ as outlined in paragraph 8 of
Appendix F and Annex 1;
b.      Approve the HRA Revenue
Budget for 2024/25 as set out in Table 2;
c.      Note the HRA estimated
working balances in 2024/25 as set out in paragraph 15 of Appendix
F;
d.      Approve the investment
principles for the HRA Capital programme as set out in paragraph 19
of Appendix F;
e.      Approve the HRA Capital
Programme control totals as set out in Table 3 of Appendix F;
f.       Approve the HRA
Treasury Management Strategy as set out in paragraph 4 of Appendix
F;
g.      Approve the 30 year HRA
Business Plan as set out in Annex 2 of Appendix F.
 
(13)   That it be recommended that Council approve
the Capital Strategy and Capital Financing Strategy at Appendix G
and H of this report.
 
(14)   That it be recommended that Council approve
the Investment Strategy set out at Appendix I.
 
(15)   That it be recommended that Council approve
the Treasury Management Strategy Statement at Appendix J
including:
 
a.      The Borrowing and
Investment Strategy for 2024/25;
b.      The Minimum Revenue
Provision Policy Statement for 2024/25;
c.      The Treasury and
Prudential Indicators for 2024/25 to 2026/27, summarised at Annex
6;
d.      Expected new net borrowing
of £40.4m in 2024/25.
 
(16)   That Cabinet endorse the Revenues and
Benefits Policy Framework at Appendix K and recommend to Council
that:
 
a.      Approval be given for the
Revenues and Benefits Policy Framework for 2024/25 comprising the
policies set out at Annexes 1 to 9 of the Appendix K;
b.      Approval be granted for
the Council Tax Award of Discount Policy (Annex 2), Council Tax
Discretionary Reduction Policy (Annex 3), Non-Domestic Rates
Discretionary Rate Policy (Annex 8), Non-Domestic Rates
Discretionary Hardship Relief Policy (Annex 7) and War Pension
Policy (Annex 9) as set out Appendix K; and;
c.      Authority be given to the
Director of Finance – Section 151 Office in conjunction with
Cabinet Member for Finance and Resources, and in consultation with
the monitoring officer to make necessary changes to the policies
during 2024/25 due to the Cost of Living Crisis.
 
(17)   Delegate to the Section 151 Officer and the
Monitoring Officer any further financial adjustments, corrections
or amendments to this suite of reports necessary in forming the
final preparation of these papers for Full Council on 20
February.
 
(18)   Approve that the Section 151 Officer be
given delegated authority to make transfers to or from reserves
during the financial year to ensure that adequate reserves are
maintained and adjusted when spend from earmarked reserves is
required.
 
(19)   Approve that the Section 151 Officer be
given delegated authority to adjust the funding sources applied to
the Capital Programme during the year to maximise flexibility in
use of capital resources and minimise borrowing costs where
possible.