Content

9.1

The Director of Finance and Commercial
Services submitted reports containing proposals with regard to the
Council’s Revenue Budget for 2024-25 and the Capital Strategy
for 2023-2053.
 
The purpose of the Revenue Budget report is
to:
 

•   recommend to Full Council
the City Council’s revenue budget for 2024/25, including the
position on reserves and balances;
•   recommend to Full Council to approve a
2024/25 Council Tax for the City Council; and
•   recommend to Full Council to note the levies
and precepts made on the City Council by other authorities.
 
The purpose of the Capital Strategy and Budget
Book 2024-2054 is to provide a snapshot of our capital programme
for the period 2024-2029, together with the background and context
for our capital investment over this period and for the next thirty
years.
 
In addition, the Director of Finance and
Commercial Services submitted a supplementary report providing
details of the South Yorkshire Fire and Rescue Authority Precept
and details of the decisions taken at Finance Committee on Monday
19th February regarding premium Council Tax charges. The
supplementary report set out newly stated recommendations featuring
both these elements.
 
At the meeting the Director of Finance and
Commercial Services outlined details of an additional
recommendation to be added in respect of a delegation of authority
to the relevant Director to increase fees and charges where they
have been considered by a Policy Committee as part of the budget
process and are included in Appendix 3 - Committee External Income
of the Sheffield City Council Revenue Budget 2024/25.

 

 

9.2

RESOLVED UNANIMOUSLY: That
Strategy and Resources Policy Committee:-

 

 

 

1. As regards the Revenue Budget , approves for
submission to the meeting of the City Council on 6th March 2024,
the recommendations in the Revenue Budget report, as set out
below:-

(i) To approve a net Revenue Budget for 2024/25
amounting to £543.815m;

(ii) To approve a Band D equivalent Council Tax of
£1,932.56 for City Council services, i.e. an increase of
4.99% (2.99% City Council increase and 2% national arrangement for
the social care precept);

(iii) To note that the Section 151 Officer has
reviewed the robustness of the estimates and the adequacy of the
proposed financial reserves, in accordance with Section 25 of the
Local Government Act 2003. Further details can be found in
Appendix 5 and within the Section 25 Statutory
Statement on Sustainability of Budget and Level of Reserves from
paragraph 2;

(iv) To note that, if
overspends against the agreed budgets emerge, then Executive
Directors and Directors will be required to develop and implement
plans to mitigate fully any overspend, within 2024/25, in
consultation with elected Members;

(v) To approve the savings as set out in Appendix
2;

(vi) To approve the revenue budget allocations for
each of the services, as set out in Appendix 4a;

(vii) To note that, based on the estimated
expenditure level set out in Appendix 4 to this report, the
amounts shown in part B of Appendix 6 would be calculated by
the City Council for the year 2024/25, in accordance with sections
30 to 36 of the Local Government Finance Act 1992;

(viii) To note the information on the precepts
issued by the South Yorkshire Police & Crime Commissioner and
of South Yorkshire Fire & Rescue Authority, together with the
impact of these on the overall amount of Council Tax to be charged
in the City Council’s area;

(ix) To note the precepts issued by local parish
councils which add £676,767 to the calculation of the budget
requirement in accordance with Sections 31 to 36 of the Local
Government Finance Act 1992;

(x) To approve the Treasury Management and Annual
Investment Strategies set out in Appendix 7 and the
recommendations contained therein;

(xi) To approve the Minimum Revenue Provision (MRP)
Policy set out in Appendix 7, which takes into
account the revisions proposed for 2024/25
onwards; 

(xii) To agree that authority be delegated to the
Director of Finance and Commercial Services to undertake Treasury
Management activity, to create and amend appropriate Treasury
Management Practice Statements and to report on the operation of
Treasury Management activity on the terms set out in these
documents;

(xiii) To approve a Pay Policy for 2024/25 as set
out in Appendix 8;

(xiv) To agree that (a) the Members allowances
scheme introduced in 2022/23 be implemented for 2024/25 and (b) to
note that the Independent Remuneration Panel will review the Scheme
each year, to make sure the scheme supports the governance
structure and the roles and responsibilities of elected
members;

(xv) To note the determination of the
Finance Committee on Monday 19th February 2024 to implement a
second homes premium (as defined in the report to that Committee)
from 1st April 2025;

(xvi) To note the determination of
the Finance Committee on Monday 19th February 2024 to
bring forward the
chargeable period of the Long Term Empty premium from 2 years of
unoccupation to 1 year of unoccupation with effect from 1st April
2024; and

(xvii) Except where the decision is
to be taken by the Council as a Charity Trustee, to delegate
authority to the relevant Director to increase fees and charges
where they have been considered by a Policy Committee as part of
the budget process and are included in Appendix 3 - Committee
External Income of the Sheffield City Council Revenue Budget
2024/25.

2. As regards the Capital Strategy,
approves the submission to the meeting of the City Council on 6
March 2024, the recommendations:-

(i) To approve the contents of the Capital Strategy
and the specific projects included in the years 2024/25 to
2028/29;

(ii) To note that the block allocations are included
within the programme for noting at this stage and detailed
proposals will be brought back for separate Member approval as part
of the monthly monitoring procedures; and
(iii) To approve the proposed
Capital Programme for the 5 years to 2028/29 as per Section F of
the Capital Report.
 

9.3

Reasons for
Decision

 

 

9.3.1

The
City Council on 6 March 2024 meets to consider the Revenue Budget
for 2024/25 and to determine the Council Tax for that
year.  The report provides information
to enable the Council to set a budget and determine the Council
Tax.  The proposals set out in this
report provide for a balanced budget to be recommended to Full
Council. 
 

 

Approval of the Capital
Strategy and Budget Book will endorse the Council’s proposed
approach to capital investment for the next five years and will
approve the capital programme to date set out at Section
F.
 

9.4

Alternatives
Considered and Rejected

 

 

9.4.1

A number of alternative courses
of action are considered as part of the Business Planning process
undertaken by Officers before options are recommended to individual
policy committees. The recommendations made to Members represent
what Officers believe to be the best options available to the
Council, in line with Council priorities, given the constraints on
funding and the use to which funding is put within the Revenue
Budget and the Capital Programme.

 

 

9.4.2

It is a requirement for all
local authorities to produce a Capital Strategy.