Purpose

This
report seeks Cabinet’s approval to recommend to Full Council
the final budget proposals for the 2024-25 financial year, along
with the Medium Term Financial Plan 2024-28, Outcome Delivery
Plans, Equality Diversity and Inclusion Strategy, the annual
Treasury Management Strategy, the annual Capital and Investment
Strategy and Capital Programme 2024-28. 
Prior consideration and scrutiny of the budget and business plan
proposals to be undertaken by all Overview and Scrutiny Committees
in January 2024.

Content

DECISION:
 

RESOLVED TO RECOMMEND TO COUNCIL:
 

That
the budget proposals for 2024-2028 (Appendix 1) are approved in
order to provide the financial resources that maintain strong
delivery against the agreed
Council
Business Plan and that the Cumulative Impact
Assessment of these proposals (Appendix 2), together with the
results of the public consultation (Appendix 3), are considered and
acknowledged.

That
the Council Tax requirement for the Council’s own purposes be
set at £393.699m and it be confirmed that the Cornwall
Council element of the Council Tax be increased by 2.99%, plus a
levy of 2% to be spent solely on Adult Social Care, for the
financial year 2024/25 (an overall increase of 4.99%, equivalent to
a Band D charge of £1,892.75).

That
indicative future increases in Council Tax, subject to changes in
Council Tax limiting principles and future budget requirements, are
agreed for budget planning purposes at 1.99% for the financial
years 2025/26 to 2027/28.

That a
net General Fund Budget for 2024/25 of £769.233m be
set.

That
the Chief Executive and Strategic Directors be required to meet the
revenue budget targets as set out in Appendix 1 to the report, for
the delivery of Council activity in 2024/25 and future years to
2027/28, as set within the Council’s Medium-Term Financial
Plan.

That
consideration be given to the Section 151 Officer report on the
level of General Fund Reserve.

That
the Annual Treasury Management Strategy 2024/25, as set out in
Appendix 4 to the report, be approved including:

 
 
i. 
The Prudential Indicators and Treasury Indicators
2024/25 – 2026/27 as detailed in sections 2 and 4 of Appendix
4
 
ii. 
The Annual Investment Strategy 2024/25 as detailed
in section 5 of Appendix 4.
 
iii. 
The Minimum Revenue Provision policy as detailed in
section 2.3 of Appendix 4
 

That
the Annual Capital and Investment Strategy 2024/25, as set out in
Appendix 5 to the report, be approved.

That
the revised Capital Programme, as detailed within the report, is
approved.

That
approval be given for the Council to continue to exercise the
powers as set out in section 11B of the Local Government Finance
Act 1992 (as amended by the Levelling Up and Regeneration Act
2023), in respect of empty properties, noting that now properties
that have been empty for at least 1 year (previously two years) but
less than 5 years, will, from 1 April 2024 be charged a Council Tax
premium of 100%; and

That
approval be given for the Council to exercise the powers as set out
in section 11C of the Local Government Finance Act 1992 (as amended
by the Levelling Up and Regeneration Act 2023) in respect of
dwellings occupied periodically (including second homes) and that
from 1 April 2025 a Council Tax premium of 100% be
charged.

RESOLVED:

That
the Deputy Leader be authorised to adjust the recommendations to
Full Council, in consultation with the Section 151 Officer, upon
receipt of the final settlement from Government and any further
movement in the 2023/24 financial position, which may change some
assumptions and therefore figures.

That
the grants on the service grants list, as set out in Appendix 7 to
the report, are approved, and that where the value of any
Government issued service grants is different from individual
grants stated in Appendix 7, that any acceptance of the movement is
delegated to the Section 151 Officer, in consultation with the
Deputy Leader, subject to compliance with relevant procedural
requirements. 

That
the amendments to the four Outcome Delivery Plans (summarised in
Appendix 6) be approved.

 
Reason for the Decision: 
 
As contained within the
report.
 
Alternative options considered:
 
None other than contained
within the report.
 
Conflicts of interest declared:
 
None.
 
Dispensations granted in respect of a conflict of
interest:
 
N/A