Purpose

To approve the Council’s Revenue Budget
and Capital Plan Budget for 2024/2025 including the setting of fees
and charges for Council services and Capital Strategy.

There are currently a number of unknown elements in respect of
Government’s financial settlement including the implications
of the Autumn Budget expected in mid November 2023. Therefore, the
Council will prepare its budget following the Government’s
local government finance settlement announced in December 2023. The
Cabinet will launch its draft budget for five weeks consultation at
its Cabinet meeting on 9 January 2024, with the final
recommendations being considered by Cabinet and Council in February
2024. As the budget proposals will be later for 2024/25 and not be
submitted before 8 February 2024, Standing Orders F2.7 to 2.11 will
not apply (whereby the Council provides any objections to the
Cabinet to review before determining the budget).

Decision

1.         That for
2024/25 net revenue expenditure of £139.2m resulting in a Council Tax requirement of £88.4m for
2024/25 (a 4.75% increase in Council Tax, of which 2% is for Adult
Social Care) be approved.
 

2.         That the
proposed Fees and Charges for 2024/25, Capital Strategy 2024/25,
Capital Investment Plan 2024/25 and
Treasury Management Strategy (including the Prudential Indicators
2024/25; and Annual Minimum Revenue Provision Policy Statement for
2024/25 be approved.

 

3.        
That, in accordance with the requirement of the
Local Government Act 2003, the advice given by the Chief Finance
Officer with respect to the robustness of the budget estimates and
the adequacy of the Council’s reserves (as set out in the
report) be noted.
 

4.         That it
be noted that the Brixham Town Council precept for 2024/25 of
£473,471 will be included as part of the Torbay Council
budget for Council Tax setting purposes.