Purpose

To recommend to Council the:
(a) 2024/25 Revenue Budget and Council Tax (b) Medium Term Financial Strategy
Statement for the period 2024/25 and (c) Treasury Management Strategy Statement
and Investment Strategy 2024/25 and Minimum Revenue Provision

Content

RESOLVED –

 

(i)         That the Budget and Council
Tax be recommended for approval by Council and that:

 

(a)       the
2024/25 revenue budget totalling £318,669,885 be approved including fire levy
of £9,506,724

 

(b)       a
sum of £86,707,296 be raised from Council Tax which equates to £1,598.00 at
band D and of that sum:

 

(i)        £121,284 be raised as
special expenses on the community areas of Acton, Caia
Park, Offa and Rhosddu (£2.24), £7,225 on the
community of Glyntraian (£0.13), £21,057 on the
community of Llangollen Rural (£0.39) and £26,734 on the community of Chirk (£0.49)

 

(ii)       £86,530,996 be raised as
general expenses (£1,594.75).

 

(ii)        Any additional funding
received following publication of the Local Government Final Settlement will be
applied as prescribed or used to reduce risks within the overall budget
package.

 

(iii)       The Medium Term
Financial Plan outlined in Appendix 4 to report COFI/08/24 be recommended to
Council.

 

(iv)      The 2024/25 Capital Strategy
(including the Minimum Revenue Provision (MRP) Statement), Treasury Management
Strategy Statement and Investment Strategy as outlined in Appendices 5 and 5a to
report COFI/08/24 be recommended to Council.

 

(v)       To establish a budget
mitigation reserve of £5m to help with the management of a number of risks
associated with the delivery of the budget plan. Use of the reserve would be
subject to approval by the Executive Board, following a recommendation made by
the Chief Officer FICT.

 

Reasons for decisions

 

(i)        To enable the Council to determine its revenue budget for
2024/25 and set the Council Tax for the year.

 

(ii)       To update the Medium Term Financial Plan
and to make recommendations to Council on the 2024/25 Capital, Treasury
Management and Investment Strategies, including the Minimum Revenue Provision
Statement.

 

(iii)      To establish a reserve
to as part of budget risk mitigation in 2024/25.