Purpose

The report will set out future financial
projections along with the policy framework for improving financial
efficiency and meeting the long term investment needs of the Town,
as well as proposals for the annual budget process.

Content

RESOLVED

That Full Council be asked to:

a)        
approve the process for of balancing the budget over
the next 12 to 18 months, including the use of reserves to balance
the budget as outlined in Section 8 of the report

FIN/636.

 

b)        
approve the minimum recommended General Fund Balance
remains at £3m.
 

c)        
approve the growth items for the General Fund as
outlined in sections 6.3 of the report
FIN/636.
 

d)        
approve the  inclusion of
new capital schemes in future budgets with the value of
£652,000 as identified in section 9.2 of the
report
FIN/636..
 

e)        
note the following highlights of the Budget
Strategy:
 

i.       
that the Budget is aligned to the Council’s
Corporate Priorities.

ii.     
the outline 3 year forecast as shown in table 6
paragraph 6.5 of the report
FIN/636.

iii.    
that the current budget deficit of £1.012m for
2024/25 (section 6.5 of the report
FIN/636) is based on a Council tax increase of 2.99%
which is £6.74. However, table 10 highlights that the gap
could be higher when looking at sensitivity
analysis.

iv.    
that there are uncertainties around Government
funding prior to the settlement in December and the delay in Local
Government Funding reforms such as business rates retention and the
future of New Homes Bonus.
 
Reasons for the
Recommendations

 
1)        
To agree the Council’s Budget Strategy for
2024/25 to 2026/27 including the assumptions made.

 
2)        
To agree growth items and capital schemes outlined
in the report.
 
3)        
The 2024/25 General Fund and Housing Revenue Account
Budgets and the revised capital programme will be set by the Full
Council in February 2024. The Treasury Management Strategy and
Capital Strategy will be considered at the same meeting.
 
4)        
To note that until the Local Government Finance
Settlement is published in December 2023 these projections are
highly likely to change.