Agenda and decisions

The Cabinet:

1.1          Approved in accordance with the relevant legislation and regulations, the Council Taxbase (Band D residential properties) for Lichfield District for the financial year 2024/25 of 41,115.8.

1.2       Noted the estimated Council Tax Collection Fund Surplus of (£846,000) (LDC Share £99,000) and the estimated Business Rates Collection Fund Surplus of (£2,826,000) (LDC Share £1,130,000) for 2023/24.

1.3       Delegated authority to the Cabinet Member for Finance & Commissioning and the Chief Financial Officer (Section 151) to:

·       Complete and certify the NNDR1 for 2024/25 on behalf of the Council.

·       Update the Council Taxbase for 2024/25 and Collection Fund projections for 2023/24 in the event of changes to guidance or the need for significant changes to underlying assumptions

The Cabinet:

1.1          Noted the report and issues raised within and that Leadership Team with Cabinet Members will continue to closely monitor and manage the Medium Term Financial Strategy.

1.2       Noted the additional funding received from the Better Care Fund of (£97,000) that has been used to increase the Disabled Facilities Grant Budget by £97,000 in 2023/24. This increase in budget (and any further changes) will form part of the refreshed Medium Term Financial Strategy that will be recommended for approval by Council on 27 February 2024.

The Cabinet:

1.1          Approved the proposal set out in section 4 to seek agreement from the LWMTS Board to transfer the HR function to it.

1.2       Delegated implementation of the proposal to the Cabinet Member for Finance and Commissioning, and the Chief Operating Officer subject to this remaining within Approved Budgets

The Cabinet:

1.1          Agreed and recommended to Full Council to agree the inclusion of the new ‘Buy Out’ clause outlined in the background section. The clause would involve the ‘Buy Out’ of Evolve Estates interest in the Joint Venture Limited Liability Partnership, two years after completion of the development. The clause is subject to confirmation from the Council’s legal team and independent valuer that the valuation approach is in line with Best Practice and the ‘price’ can be substantiated from a legal Best Value perspective.

1.1          Delegated authority to the Leader and Chief Executive in consultation with the Monitoring Officer and the Section 151 Officer to complete all contracts related to the Joint Venture Limited Liability Partnership subject to financial implications of all contracts being within Approved Budgets.

1.1          Agreed and recommended to Full Council to update the Medium-Term Financial Strategy:

i. To increase the budget in the Capital Programme by £3,999,000 to reflect the central scenario cost of the ‘buy out’ with funding initially based on the central scenario included in the financial implications section. The plan is for any borrowing need to be funded through internal borrowing.

ii. To continue the approach that the MTFS is based on a neutral (no surplus or deficit or capital receipts are included) budget position until more informed financial projections are provided through the Business Plan. Any future changes following receipt of the Business Plan will be reported in line with the Council’s budget monitoring and any budget approvals will be in line with the budget framework.

1.1          Overview and Scrutiny Committee continue to be involved in the scrutiny of key elements of policy development including the Business Plan and the most appropriate ownership model. This will enable Members to fully understand the strategic, operational, and financial implications of the Council becoming the sole owner of the cinema development and the impact on the MTFS.

RESOLVED: “That as publicity would be prejudicial to the public interest by reason of the confidential nature of the business to be transacted, the public and press be excluded from the meeting for the following items of business, which would involve the likely disclosure of exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972”

IN PRIVATE