Content

It
was RESOLVED: -
 

1.1         
That the
General Fund Budget proposals for 2024/25 and four-year outlook set
out in the report for both the revenue and capital budgets and the
level of reserves be endorsed for recommendation to Council on 20
February 2024.

1.2         
That the
General Fund Budget for 2024/25 presented in this report assumes an
increase in the Band D Council Tax of 2.99% for endorsement for
recommendation to Council.

1.3         
That
three budget items were updated in the tabled papers for financing
costs (see paragraph 5.10 of the report), costs arising from likely
regulatory changes in accounting for loan impairments (paragraph
5.13 of the report) and final grant income figures from central
government (paragraph 5.18 of the report) and endorsed to
Council.

1.4         
That the
Cabinet considered options for balancing the budget for endorsement
and recommendation to Council as set out in the tabled
papers.

1.5         
That the
new income bands and contribution rates for the 100% Local Council
Tax Reduction (Working Age) Scheme, as set out in 5.27 of the
report, are endorsed for recommendation to Council.

1.6         
That Cabinet endorses for
recommendation to Council:

a.  The options for balancing the budget as detailed in
Table 3 of the tabled papers.

b.  The creation of Expected Credit Loss Reserve of
£937,850 as explained in paragraphs 3.4 to 3.12 in the tabled
papers. 

c.   The creation of a Financial Sustainability Reserve of
£1,341,640 as proposed in paragraph 4.3 in the tabled
papers.

 
REASON FOR DECISION
To bring together all the
relevant information to enable Cabinet Members to review, consider
and comment upon the Council’s General Fund budget for
endorsement and recommendation to Council.
 
Alternative
Options Considered and Rejected:
Setting a balanced budget is a statutory requirement: the budget
figures presented in this report currently show a gap between
forecast expenditure and income which needs to be resolved. Options
for balancing the budget will be tabled at Cabinet for its
consideration.
 
Any Declarations of Interests Declared: None
 
Any Dispensation Granted: None