Decision details

Purpose: to recommend the budget to Council

Cabinet considered the head of finance’s report on the revenue budget for 2024/25 and the capital programme for 2024/25 to 2028/29.  The report brought together all the information required to enable Cabinet to recommend the budget to Council.  It also recommended the Prudential Indicators to be set by Council in accordance with the Prudential Code.  The report also contained the chief finance officer’s opinion on the robustness of the estimates and the adequacy of the council’s financial reserves.  Finally, the report included the medium term financial plan for the years 2024/25 to 2028/29. 

The Cabinet member for finance reported that Scrutiny Committee considered the budget report and was content with it; he thanked the committee for its input.  The budget before Cabinet was the result of a comprehensive effort of budgetary review and challenge by officers and members.  The council was under financial pressure due to high inflation over the past year, increasing the council’s costs.  However, interest rates had been unexpectedly high throughout the past year, bringing in more treasury income than expected.  There were no cuts to services, and a lower than previously expected draw upon reserves.  All of these factors had allowed the council to set a balanced budget.  Council tax would be increased by the maximum before a referendum was required.  The district council’s element of the Council Tax for a Band D property would be £146.24, an increase of less than 10 pence per week. 

Cabinet noted that there was uncertainty over future years’ funding from government, meaning that there could be a higher draw on reserves in the medium term. 

Cabinet welcomed the proposed budget.  It allowed the council to provide resources to deliver its corporate plan.  Members were proud of the way the council had stabilised its finances and thanked all staff for their hard work and dedication. 

RECOMMENDED to Council to:

(a)       set the revenue budget for 2024/25, as set out in Appendix A.1 to the head of finance’s report to Cabinet on 15 February 2024;

(b)       approve the capital programme for 2024/25 to 2028/29, as set out in Appendices D.1 and D.2 to the report, together with the capital programme changes, as set out in Appendices D.3 and D.4 to the report;

(c)        set the council’s prudential limits, as listed in Appendix E to the report;

(d)       set the medium-term financial plan to 2028/29, as set out in Appendix F to the report;

(e)       allocate £500,000 to fund the Communities Capital and Revenue grant scheme; and

(f)         ask officers to review the Medium-Term Financial Strategy at the end of the current spending review period. 

RESOLVED: to authorise the head of finance, in consultation with the cabinet member for finance, to make minor adjustments to the report and the prudential indicators, should they prove necessary prior to its submission to Council on 22 February 2024.