Purpose

To approve the
budget proposals and revised MTFS
 

Decision

Note:
 
1)     
The revised Medium Term Financial Strategy 2024/25 to 2027/28 as
detailed in Appendix 1 of the report.

 
2)     
The aims and objectives of the Medium Term Financial Strategy which
will be presented to Council for approval on 22 February 2024.
 
3)     
The formal budget public consultation began on 8 November 2023 and
ended on 2 January 2024. Following the
consultation, there are no changes to the budget proposals
and the outcome of the consultation is summarised in section 21 and
Appendix 6 of the report.
 
4)     
The budget proposals are based on the assumptions detailed within
the Medium Term Financial Strategy.
 
5)     
That the proposals provide for a balanced budget in 2024/25 and
2025/26 and those further proposals will need to be considered to
address future years budget gap in 2026/27 and 2027/28.
 
6)     
That the Financial Policies have been reviewed and are detailed in
Appendix 4 of the report.
 
Recommends Council:
 
to note:
 
7)     
The S151 Officer’s (Executive Director of Corporate Services
and Assets) statutory report regarding the robustness of the
estimates and the adequacy of reserves detailed in section 14 of
the report.

 
8)     
That the Executive Director of Corporate Services and Assets (S151
Officer) on the 5 January 2024 calculated the Council Tax base for
the whole Council area at 69,800.3 Band D equivalents and for
dwellings in those parts of its area to which a parish precept
relates as per Appendix 2 of the report.
 
9)     
The county, police and fire authority precepts detailed in Appendix
3 of the report.
 
10) 
That as the billing authority, the Council has not been notified by
any major precepting authority that its relevant basic amount of
Council Tax for 2024/25 is excessive and the billing authority is
therefore not required to hold a referendum, in accordance with
section 52ZK of the Local Government Finance Act 1992.
 
11) 
The risks and sensitivities within the financial forecasts
highlighted in section 10 and in Appendix 5 of the report.
 
To determine:
 
12) 
That for the purposes of section 35 (2) (d) of the Local Government
Finance Act 1992, any expenses incurred by the Borough Council in
the financial year 2024/25 in performing functions in a part of the
district which elsewhere in the district are performed by a Parish
Council, shall not be special expenses of the Borough Council.

 
13) 
That its relevant basic amount of Council Tax for 2024/25
(£141.42 at Band D) reflects a £5.00 (3.67%) increase
which is not excessive in accordance with principles approved under
Section 52ZB of the Local Government Finance Act 1992.
 
To approve:
 
14) 
The net Council Tax requirement of £9.87M for 2024/25, the
revenue estimates including the budget proposals in sections 6 and
7 and contributions to and from reserves as summarised in sections
7 and 9 of the report.

 
15) 
The Medium Term Financial Strategy, as shown in Appendix 1of the
report.
 
16) 
The financial policies set out in Appendix 4 of the report.
 
17) 
That the requirement for Council Tax for Borough purposes for
2024/25 be £141.42 (at Band D) as set out in Appendix 3 of
the report.
 
18) 
The 2024/25 net income budget of £0.11M for the Joint
Manydown Committee as set out in
section 16 of the report and that the net income is shared equally
between the Council and Hampshire County Council.
 
19) 
The Financial Regulations as set out in Appendix 7 of the
report.
 
20) 
The Contract Standing Orders as set out in Appendix 8 of the
report.
 
21) 
The Council Tax Resolution as set out in Appendix 3 of the report
which brings together the Borough’s Council Tax Requirement
and that of the other major preceptors (Hampshire County Council,
Hampshire Fire and Rescue and The Police and Crime Commissioner for
Hampshire) and sets the Council Tax charges for 2024/25.
 
22) 
That the S151 Officer (Executive Director of Corporate Services and
Assets) be given delegated authority to implement any variation
necessary to the overall level of 2024/25 Council Taxes
in the event that any of the precepting
authorities change their precept calculation from that expected and
reported at the Council meeting.