Purpose

To set a net budget requirement and the
Council Tax for the Council for the financial year
2024-25.

Content

*RECOMMENDED TO COUNCIL
 
That
the Cabinet recommends to the Council:

a)   
That a net budget requirement of
£17,618,700 for 2024-25 be approved.

b)   
That Council Tax be increased by £5.41 from
£181.07 to £186.48 for a Band D equivalent in
2024-25.

c)   
That the New Homes Bonus (NHB) be treated as
general revenue funding as set out in para 4.6 and
4.7.

d)   
The capital programme, including the asset
renewal programme (appendices 1c and 1d of the agenda report) be
approved.

e)   
The capital prudential indicators and the Minimum
Revenue Provision (MRP) Policy (appendix 4 of the agenda report) be
approved.

f)    
That £1.11m is transferred from the General
Fund Reserve to the Investment Risk Reserve to reduce the risk for
the movements in fair value statutory override ending on 31 March
2025.

g)   
That delegated authority be given to the Director
of Growth and Place to spend the £150k allocated from the
West Sussex Business Rate Pool for economic development purposes,
following consultation with the Cabinet member for Economic
Development and Place.

h)   
To allocate a total of £22.5k from reserves
to be released to Bourne Community College (BCC) in two tranches:
£15k in academic year 2024-25 and £7.5k in academic
year 2025-26. Each year the release of funds would be subject to
the school filling the funding gap and retaining the Think Family
worker post.