Purpose

To present a balanced budget for 2024-2025
aligned to the Council Plan priorities and an update on the Medium
Term Financial Strategy 2024-2025 to 2026-2027

Content

That Council be recommended to approve:
1.   
The net budget requirements for 2024-2025 of £332.0 million
for General Fund services.
 
2.   
The Medium Term Financial Strategy (MTFS) 2024-2025 to 2026-2027 as
detailed in Section 9 of the report and the key assumptions
underpinning the MTFS as detailed in Appendices 1, 2 and 3 to the
report.
 
3.   
A Council Tax for Council services in 2024-2025 of £2,004.27
(Council element) for a Band D property, being an increase of 4.99%
on 2023-2024 levels, which incorporates 2% in relation to Adult
Social Care.
 
4.   
The refreshed Reserves Strategy as detailed in Appendix 8 to the
report.

 
The
Cabinet approves:
1.   
The updated assumptions used in the Budget 2024-2025 and the MTFS
2024-2025 to 2026-2027 as detailed in the report.
 
2.   
That £1.7 million is transferred from the Sustainable MTFS
Reserve (formally named the Transformation Reserve) and
Re-organisation Reserve to the General Fund Reserve in order that
it can be maintained at approximately 5% of net budget over the
medium term, which is in line with the Reserves
Strategy. 
 
3.   
That authority is delegated to the Director of Finance, to approve
the calculation and allocation of growth in the central share of
business rates for 2024-2025 and future years to be passported to
the West Midlands Combined Authority (WMCA).
 
4.   
That authority be delegated to the Cabinet Member for Resources, in
consultation with the Director of Finance to allocate budgets from
the Corporate Contingency for Budget Growth / Emerging pressures
once business cases have been completed.
 
5.   
That the Council enter into the Better Care Fund Section 75
Agreement along with the necessary ancillary agreements from the
main agreement for 2024-2025 with the Black Country Integrated Care
Board, and delegate authority to the Cabinet Member for Resources
and Cabinet Member for Adults and Wellbeing, in consultation with
the Director of Adult Social Care and the Director of Finance to
approve the final terms of the agreement.