Purpose

The report recommends the General Fund budget,
capital programme and capital/treasury strategies to full Council
for approval at the Budget Council meeting.

Content

RESOLVED:

 
That
Strategy, Finance & City Regeneration Committee recommends to
Council:

 

2.1     
The Administration’s proposed budget and Council Tax increase
on the Brighton and Hove element of the council tax,
comprising:

i) A general Council Tax increase of 2.99%;

ii) An Adult Social Care Precept increase of
2.00%;

iii) The council’s net General Fund budget
requirement for 2024/25 of £246.353m;

iv) The 2024/25 budget allocations to services as
set out in Appendix 1;

v) The Budget Strategies and proposed savings as set
out in Appendix 1;

vi) The one-off resource allocations as set out in
the table at paragraph 5.8.

vii) A recommended working balance of £9.000m
(approximately 3.7% of the net budget) to be maintained or
replenished over the period of the Medium
Term Financial Strategy.

 

2.2     
That Council notes the updated 4-Year Medium Term Financial
Strategy included at paragraph 10.3 including predicted budget
shortfalls of £73m over the 4-year period.

 

2.3     
That Council approves the Capital Strategy for 2024/25 at Appendix
2 comprising:

i) The strategy for funding the investment in
change, including the flexible use of capital receipts as set out
in section 8;

ii) The capital resources and proposed borrowing
included at Annex A of the

Capital Strategy;

iii) The Capital Investment Programme for 2024/25 of
£211.470m included at

Appendix 1 and incorporating allocations to
strategic funds.

 

2.4     
That Council notes the Equalities Impact Assessments to cover all
relevant budget options as set out in Appendix 6.

 

2.5     
That Council further notes that approval of the budget is an
indicative resourcing decision to be taken in the context of the
explanation given in the Legal Implications at paragraph
18.2.

 

2.6     
That Council approves the Treasury Management Strategy Statement as
set out in Appendix 3 comprising:

i) The Annual Investment Strategy;

ii) The Prudential and Treasury Indicators;

iii) The Minimum Revenue Provision policy;

iv) The authorised borrowing limit for the year
commencing 1 April 2024.

 

2.7     
That Council notes that supplementary information needed to set the
overall council tax, including a detailed Budget Book, will be
provided for the Budget Council meeting as listed in paragraph
12.3.

 

That Strategy, Finance & City Regeneration
Committee:

 

2.8     
Agrees that the council’s Chief Finance Officer be authorised
to make any necessary technical, presentational or consequential amendments to this
report before submission to Budget Council.