65 Budget setting 2023/24 update report PDF 305 KB
To consider the head of finance’s report.
Cabinet considered the head of finance’s report, being an update on the budget position for 2023/24. This showed the work that was being undertaken to build the base budget.
The head of finance updated Cabinet with news of the government settlement, which had been sent to the council that afternoon. This showed that for 2023/24 the council would receive a government funding increase of approximately 4.7 per cent and would allow the council to set a Band D council tax £5 higher or 3 per cent higher than in 2022/23. New Homes Bonus would continue for a further year but was then subject to review. Effectively this gave the council an increase in core revenue spending power of 5.24 per cent. Further guidance would be forthcoming from the government on help for households in greatest need during the cost-of-living crisis. No firm detail had been provided on government funding for 2024/25 onwards.
Cabinet thanked officers for the update report and noted that the next steps were for Cabinet members to consider a draft budget in February 2023 and recommend it to Council for adoption.
RESOLVED: to note the latest position for the 2023/24 budget.