Purpose

This report deals with the forecast Collection
Fund outturn position for 2023/24, the setting of the Council Tax
Taxbase for 2024/25 and also presents a forecast for Business Rates
income expected in 2024/25.These items form an integral and
important part of the Council’s budget setting and MTFP
process.;

Content

The Cabinet considered
the forecast Collection Fund outturn position for 2023/24, the
setting of the Council Tax Taxbase for 2024/25, and a forecast for
Business Rates income for 2024/25 and agreed:-
 
(1) That the
Cabinet:-
 

(i)        Declare a provisional forecast outturn
Collection Fund surplus of £4.669m in 2023/24 relating to a
Council Tax surplus of £0.902m and Business Rates surplus of
£3.767m subject to the delegations below;
 

(ii)       Declare a provisional forecast outturn
Collection Fund surplus to be appropriated to the Council’s
General Fund in 2024/25 of £4.489m relating to a Council Tax
surplus of £0.760m and Business Rates surplus of
£3.729m subject to the delegations below;
 

(iii)       Approve the use of the declared
surplus to support the Council’s 2024/25 Budget, MTFP and
Collection Fund Reserve in the context of increasing budget
pressures linked to price inflation, pay inflation particularly
relating to recent Real Living Wage increase, high interest rates
impacting the Council’s borrowing costs and increasing demand
for services;
 

(iv)     Note the
proposal for the Council Tax Discretionary Hardship Fund as set out
in the Council Tax and Business Rates Discounts Annual Review
report as per paragraph 2.3;
 

(v)      Note the
2024/25 Council Tax Taxbase for budget setting purposes of 98,396.6
Band D equivalent dwellings.          
 

(vi)     Note the 2024/25
Business Rates budget forecast subject to the completion of the
NNDR1 (Business Rates budget) to be submitted to Government by 31
January 2024; and
 

(vii)    Note that the
indicative Collection Fund resources identified are to be reviewed
through the MTFP and 2024/25 budget setting processes following the
Provisional Local Government Finance Settlement in December.
 
(2) That the following
decisions be delegated to the Deputy Chief Executive in
consultation with the Cabinet Member for Finance &
Resources:
 

(i)        The decision to change the provisional
2023/24 Collection Fund forecast outturn position prior to
declaring the position on 31 January 2024 as required by
legislation;
 

(ii)       The decision to continue in the
Greater Manchester Business Rates pooling arrangement; and

 

(iii)     The decision to
vary the Business Rates forecast presented in Table 7 linked to the
submission of the NNDR1 (Business Rates budget) to Government.