Purpose

The Portfolio Holder for Corporate Finance, Property and Resources to provide a report on the Revenue Budget for 2024/25, including the proposed level of council tax for borough council purposes and the Medium Term Financial Strategy 2026/27.

Decision

Cabinet:

1)   
NOTED the year end forecast and financial
position for the General Fund and Special Expenses for 2023/24.

2)   
RECOMMENDED that Council:

2.1     Approve the revenue
budget subject to any amendment arising from the final settlement for 2024/25
for General and Special Expenses, including proposed growth and savings items,
as set out in Appendix A and D and summarised in section 4.5.

2.2     Approve an
overall Band D council tax increase of 2.99%, with the individual Band D
council tax levels across each fund set out in para 4.5.7.

2.3     Note that the
Council’s employee establishment will be updated in line with any changes
arising from approval of any of the growth proposals set out in Appendix A.

2.4     Approve
implementation of a 100% premium for properties that have been empty and
unfurnished for longer than one year and a 100% premium for second homes as set
out in para 4.5.5. The premiums will be implemented from 1 April 2025.

2.5     Delegate
authority to the Chief Executive, in consultation with the Director for
Corporate Services, to increase resources required to meet the needs of the
resettlement scheme subject to there being sufficient grant funding to meet the
revenue costs.

2.6     Delegate
authority to the Chief Executive, in consultation with the Director for
Corporate Services, to access the Corporate Priorities Reserve to fund any
one-off change and redundancy costs arising from the reconfiguration of the IT
service provided by the Leicestershire ICT Partnership, as set out in para
4.5.6 (m).

2.7     Delegate
authority to the Chief Executive, in consultation with the Director for
Corporate Services, to access the Corporate Priorities Reserve to fund any
one-off costs associated with any potential future planning appeals.

2.8     Delegate
authority to the Chief Executive, in consultation with the Director for
Corporate Services, to access the Corporate Priorities Reserve, to fund a
permanent Environmental Programme Manager, to support the introduction of food
waste collection and other environmental projects, until such time as the
sufficiency or otherwise of the revenue grant funding is known and assessed.

2.9     Approve that
any current year surplus/deficit on general expenses at 31 March 2024 be met by
transfers to or from the Corporate Priorities Reserve, in order to maintain the
working balance at its agreed level of £1m;

2.10    Approve that
any current year surplus/deficit for Special Expenses Melton Mowbray at 31
March 2024, be transferred to/from the Special Expenses Reserve thereby
bringing the actual working balance back to the target £50k;

2.11    Note the
changes made to the risk categorisation of budgets as set out in para 4.8.1 and
Appendix F.