Purpose

To consider the draft Council Budget 2024/25
(including the Four Year Medium Term Financial Plan, Dedicated
Schools Grant and Capital Programme).

Content

That the Cabinet member for
Resources notes and endorses the following draft budget proposals,
which are subject to the outcomes of consultation, which commenced
on 12 December 2023, and confirmation of the Local Government
Finance Settlement.  The decision includes noting
the Capital Programme and additional schemes and changes to the
Programme with it noted that the decision to release funding will
be made by the s151 Officer once confirmation of available funding
has been received:

(a)        the
draft Revenue Budget for 2024/25 (attached
at Annex F to the report) and the latest MTFS
forecast for 2024/25 to 2027/28 (attached at Annex E
to the report);

(b)       the provisional Council Tax at
Band D of £1,676.09 for the Milton Keynes element
of the Council Tax be agreed for
consultation,
a 4.99% increase on the previous year (2.99% plus a 2.00% Adult Social Care Precept);

(c)        the
Council’s
current estimate of the 2024/25
Business Rates
Baseline at paragraph 4.37, retaining the delegation to
the Director of Finance and
Resources to
finalise this Baseline, based on the latest data for submission to
Department for Levelling Up, Housing
and Communities (DLUHC)
in January
2024;

(d)       the
estimated position
for the Dedicated Schools Grant and
the planned consultation with schools and the Schools
Forum;

(e)        that the
Director - Children’s Services make decisions around the
school funding formula, the funding arrangements for pupils with
high needs and the early year’s single funding formula for
2024/25 in consultation with the Cabinet Member for Children and
Families and the Director of Finance and Resources (paragraphs 4.55
- 4.63);

(f)        the
proposed fees and
charges for 2024/25, which are exceptions to
the Income and Collection Policy (attached at Annex D to the report);

(g)        the reserves
position, reserves risk assessment and budget risk register
(attached at Annexes J, K and L to the report);

(h)       the draft forecast
parking surplus of £7.993m (attached at Annex G to the
report);

(i)         the
draft Capital Programme for 2024/25 to 2028/29 (attached at Annex H
to the report); and

(j)        
the resource
allocation for the draft Tariff Programme (attached at Annex I of the report).