Agenda item

FINANCIAL PLAN 2023/2028

Meeting of Budget related items, Cabinet, Wednesday, 7th February, 2024 6.00 pm (Item CAB116)

Decision:

RECOMMENDED: That Council consider and approve the following:

Recommendation 1

It is recommended that Council note the revision to the Forecast for 2023/2024 as set out in the report.

Recommendation 2

Council is recommended to approve the Policy on Earmarked Reserves and General Fund Balance and the maximum balances set for the reserves as noted in the report and at Appendix 7.

Recommendation 3 It is recommended that Council :

1) Approves the budget requirement of £24,353,670 for 2024/2025 and notes the projections for 2025/2026, 2026/2027 and 2027/2028.

2) Approves the level of Special Expenses for the Town/Parish Councils as detailed in the report (Appendix 6).

3) Approves the Fees and Charges 2024/2025 detailed in Appendix 4.

4) Approves a Band D council tax of £148.37 for 2024/2025.

Recommendation 4

It is recommended that Council approves a minimum requirement of the General Fund balance for 2024/2025 of £1,217,680 (5% of estimated budget requirement).

Recommendation 5

Pursuant to Section 25 of the Local Government Act, Council is asked to have due regard to this statement at Section 9 of this report when considering and approving the budget and the level of council tax for 2024/2025.

Reason for Decision

To set a budget for 2023/2028

Minutes:

Click here to view the recording of this item on You Tube

The Assistant Director, Resources presented the Financial Plan 2023 to 2028 and reported changes that had already happened since the report was published. She reported that the Internal Drainage Board Levy estimates had increased to over £3.5m for next year, with some decisions from IDBs still to come.

She reported she had been to a meeting with Government hosted by Liz Truss MP on the issue of the IDB levies and local government funding of them. The meeting was well attended and made a strong case for why the funding arrangements needed to change. MPs present had commented on the level of emails they were receiving on the matter and expressed a commitment to look for a permanent solution for 2025/26.

It was reported that the grant announcement from the Government had shown some increase in a number of government grants giving an additional sum of over £174,000.

The Assistant Director also reported that in making the funding announcements they had also announced that they were expecting councils to provide further information in the form of Local Productivity Plans, to include Transformation of services to make better use of services, opportunities to take advantage of technological advances, maximising data informed decision making and service design , and ways to reduce wasteful spend for example on consultants, and barriers preventing activity that the Government can help to remove. The expectation of the plan was that it would be signed off by Members by July 2024. In referring to the new expectations it was confirmed that much of the work required tied in with work already underway on the cost reduction work, and also following the Peer Review.

In supporting the recommendations the Chair and Cabinet made reference to the new requirements.