Decision details

The Cabinet recommended to Council for approval:

1.1          The 2023/24 Revenue Budget of £13,815,000, the Council Tax Requirement of £7,614,000 and a District Council proposed Band D equivalent level of Council Tax for 2023/24 of £187.85 (no increase on 2022/23).

1.2          The MTFS 2022-27 Revenue Budgets and the 25 year revenue financial planning model at APPENDIX A of the Cabinet report.

1.3          The MTFS 2022-27 Capital Strategy including the 25 year capital investment model and the Capital Programme shown in APPENDICES B & C of the Cabinet report.

1.4          The increase in the Minimum Level of General Reserves from £1,600,000 to £1,900,000 based on the current economic climate.

1.5          A cost of living contingency budget of £50,000 in 2023/24 and also provisionally for 2024/25.

1.6          An in-year growth/contingency budget of £100,000 in 2023/24 and also provisionally for 2024/25.

1.7          The transfer of ‘windfall’ income from the Provisional Finance Settlement estimated at £2,433,000 for 2023/24 and projected at £1,889,000 for 2024/25 to the strategic priorities reserve.

1.8          The Minimum Revenue Provision Statement for 2023/24, at APPENDIX D of the Cabinet report, which sets out the Council’s policy of using the asset life method for making prudent provision for debt redemption.

1.9          Treasury Management Strategy Statement for 2023/24 (with no changes to limits) shown at APPENDIX E of the Cabinet report.

1.10       The Investment Strategy Report (APPENDIX F of the Cabinet report) including the proposed limits for 2023/24.

1.11       The Capital and Treasury Prudential Indicators for 2022-27 in the financial implications section of the Cabinet report.

1.12       The Authorised Limit Prudential Indicator shown within the financial implications section of the Cabinet report.

1.13       The award of up to £50 of Council Tax Support Funding to eligible claimants and to delegate authority to the Cabinet Member for Finance and Commissioning and the Assistant Director – Customer, Residents and Business to design and implement a scheme to allocate the remaining funding.

1.14       To delegate to the Cabinet Member for Finance and Commissioning and the Assistant Director – Customer, Resident and Business Services to award Retail Discount and Supporting Small Business Relief to businesses which are eligible during 2023/24.

Cabinet noted:

1.15       The requirements and duties that the Local Government Act 2003 places on the Authority on how it sets and monitors its Budgets, including the CFO’s report on the robustness of the Budget and adequacy of Reserves shown in APPENDIX G of the Cabinet report.

1.16       The results of the Budget Consultation summarised at APPENDIX H of the Cabinet report.