Decision details

To approve and recommend to Council:

-The MTFS including the Revenue Budget and Capital Programme.

-The MRP Policy.

-Treasury Management Strategy.

-Prudential Indicators.

The Cabinet:

2.1          Delegated to the Cabinet Member for Finance and Commissioning and the Assistant Director – Customer, Resident and Business Services responsibility to award Retail Discount and Supporting Small Business Relief to businesses which are eligible during 2024/25.

The Cabinet recommended to Council for approval:

2.2          The 2024/25 Revenue Budget of £15,330,000, Council Tax Requirement of £7,929,000 and a District Council proposed Band D Council Tax for 2024/25 of £192.85 (an increase of £5 or 2.66% on 2023/24).

2.3          The MTFS 2023-28 Revenue Budgets and 25 year revenue financial planning model in APPENDIX A.

2.4          The MTFS 2023-28 Capital Strategy including the 25 year capital investment model and the Capital Programme shown in APPENDICES B & C.

2.5          The recommended increase in the Minimum Level of General Reserves from £1,900,000 to £2,000,000.

2.6          The recommended approach to funding Business-as-Usual Capital Investment in 2027/28.

2.7          The updated approach to the pay award in 2024/25, planning fees, car parking fees, contract/other inflation, regeneration initiatives and Treasury Management investment income.

2.8          The recommended provisional inclusion of a cost of living contingency budget of £50,000 in 2025/26.

2.9          The recommended increase of £398,000 in 2024/25 and the provisional inclusion of an in-year growth/contingency budget of £250,000 in 2025/26.

2.10       The Minimum Revenue Provision Statement for 2024/25, at APPENDIX D, which sets out the Council’s policy of using the asset life method for making prudent provision for debt redemption.

2.11       Treasury Management Strategy Statement for 2024/25 APPENDIX E.

2.12       The Investment Strategy Report (APPENDIX F) where no changes are recommended for 2024/25.

2.13       The Capital and Treasury Prudential Indicators for 2023-28 in the financial implications section.

2.14       The Authorised Limit Prudential Indicator shown within the financial implications section.

The Cabinet noted:

2.15       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.

2.16       The results of the Budget Consultation summarised at APPENDIX H.